Page 166 - Post 1983 AD

ARTICLE XV
PROHIBITED TRANSACTIONS AND OTHER MATTERS
1. Prohibitions. The Association shall not participate in or be party to any "prohibited
transaction" as that term is defined in section 503 (b) of the Internal Revenue Code of 1954, as
amended, nor shall it, as concerns any taxable year accumulate out of income during the taxable
year or any prior taxable year and not actually pay out by the end of such taxable year, amounts
which:
(a) are unreasonable in amount or duration in order to carry its purposes constituting the basis
for its exemption under section 501 (a) of the Internal Revenue Code of 1954, as amended; or
(b) are used to a substantial degree for purposes or functions other than those constituting the
basis for said exemption; or
(c) are invested in such a manner as to jeopardize the carrying out of the purposes constituting
the basis for said exemption.
Further, the Association shall not take any other action not permitted to be taken under the
provisions of the Internal Revenue Code of 1954 or any similar Federal statute by an organization
described in section 501 (c) (3) and exempt under section 501 (a) of the Internal Revenue Code
of 1954, as amended.
ARTICLE XV
AMENDMENT OF BY-LAWS
1. Procedure. These by-laws may be amended at the annual meeting of the Association by
vote of not less than two-thirds (2/3) of the votes cast on such amendment; provided, that each
such amendment shall have been proposed by the Executive Committee or by any ten (10)
Members and shall have been submitted in writing to the Secretary. The Secretary shall give
notice of each such proposed amendment to each Member whose address is listed in the As­
sociation records by depositing same in the U.S. Mail, postage prepaid, directed to such Member
at his or her address as contained in the Association records, with the notice of the meeting at
which action is to be taken thereon. Such notice shall contain a ballot which shall provide a place
thereon for casting a vote in favor or against such proposed amendment. Voting on such pro­
posed amendment shall be in the same manner as for election of officers as hereinabove de­
scribed. Each proposed amendment shall be acted upon at a meeting within twelve (12) months
after its submission to the Secretary.

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