The Security Traders Association is committed to promoting the interests of our members throughout the global financial markets, providing representation of these interests in the legislative, regulatory and technological processes, while fostering goodwill and high standards of integrity in accord with the Association’s founding principle, Dictum Meum Pactum – “Our word is our bond”.
ARTICLE II: MEMBERSHIP
The membership shall consist of three classes: (1) Active; (2) Honorary; (3) Associate
Any person shall be eligible for membership who is regularly engaged for one year in the purchase and sale of securities from a trading desk to other dealers and brokers for a firm doing business from a location in Northern California. Whenever a changed status removes eligibility as above, active membership shall close at the end of the fiscal year.
Any person qualified for active membership as stipulated in Section 2 may apply in writing to the membership chairman. The application will be considered at the next Board of Directors meeting. Approval of the Board of Directors shall be mandatory.
Honorary membership may be conferred on the individuals by a unanimous vote of the Board of Directors. Minimum requirements for consideration shall be:
A. Applicant shall no longer be employed at a position that would qualify him/her for active membership.
B. Applicant must have a cumulative minimum of 15 years active membership in the SFSTA or another NSTA affiliate.
C. All past Presidents of the SFSTA shall be automatically qualified for honorary membership upon termination of active employment.
D. Any honorary member returning to employment that qualifies him/her for active membership will be stricken from the honorary roster.
E. Any member who has 25 years of active membership in SFSTA or another NSTA affiliate shall upon reaching 60 years of age will be eligible regardless of employment status. Applications for honorary roll status shall be submitted to the Nominating Committee for approval by the current Board.
Any person of good standing in the security industry in Northern California for a period of two years or longer who does not qualify under Section 2 may apply for membership as an associate member. An associate member shall enjoy all the privileges of the Association except the right to vote and hold office. Dues will be the same as regular membership.
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ARTICLE III: OFFICERS
The officers of the Association shall consist of a President, 1st Vice-President, 2nd Vice-President, Secretary, Treasurer, and Past President.
The President, and in his/her absence, the 1st Vice-President or 2nd Vice-President, shall preside at all meetings of the Association and of the Board of Directors.
The President, and in his/her absence, the 1st Vice-President or 2nd Vice-President, shall with the Treasurer, sign all contracts and obligations of the Association and shall perform such duties as the Board of Directors of the Association may assign to him/her.
The Secretary shall give notice of all meetings and all elections of the Association and the Board of Directors. He/she shall also keep such minutes and records as are necessary. He/she shall also update and maintain the membership roster. He/she shall also supervise preparation of convention and annual roster publications.
The Treasurer shall collect all dues and assessments, shall keep the accounts of the Association, and shall report whenever requested to do so by the Board of Directors. He/she shall also supervise preparation of convention and annual roster publications.
The governing body shall consist of 15 members: the President, 1st Vice-President, 2nd Vice-President, Secretary, Treasurer, Past President and nine Directors. The Board of Directors shall have general charge of the affairs of the Association and shall have full power to construe and carry out the several provisions of the Constitution and Bylaws. In the event of a tie vote of the Board of Directors, the President’s vote shall carry. Should a vacancy in the board occur during any term, the Board may select a director to serve for the balance of the term. No more than two individuals from any one buy or sell firm shall serve on the Board at the same time.
In the event of death, resignation or inability to act of any officer of the Association, the Board of Directors shall appoint a successor from the current Board who shall hold office until the expiration of the term.
Two business meetings a year shall be mandatory to be called at the discretion of the Board of Directors with proper notice to the membership. The thirty-five percent of the active membership shall constitute a quorum.
Directors shall consist of:
A. Three directors appointed by the incoming President to serve a one year term.
B. Six elected Directors, a minimum of three of which will be selected annually by general election of the membership for a two year term.
ARTICLE IV: COMMITTEES AND APPOINTMENTS
The nominating committee chaired by the Past President and consisting of a minimum of two past officers or directors. The duties of the nominating committee shall consist of:
A. Present a slate of officers selected from the existing Board of Directors to the incumbent Board for their approval.
B. Selection of qualified candidates for the Board of Directors, to be submitted to the membership for their vote.
C. Any additional qualified nominees may be submitted by the general membership to the nominating committee by mail no later than two weeks prior to the General Business meeting to be held in September of each year.
D. In the event the nominated candidates exceed the available openings on the Board, the majority vote of the general membership shall prevail.
E. Qualifications of candidates for nominations to the Board of Directors shall be Active membership in SFSTA for the past two years.
The Finance Committee will function at the request of the officers or directors to advise and assist in all matters pertaining to the financial affairs of the Association.
It shall be the duty of the Business Conduct Committee to insure an equitable hearing for all concerned in any disputes or questions that are submitted to the committee for arbitration or opinion. It is not the intention that this committee shall have policing powers or conflict with any other presently existing regulatory bodies. On the request of two or more members of the Association, a question may be submitted to the committee for arbitration or opinion.
The Entertainment Committee shall make all arrangements for meetings and social affairs of the Association.
The Publicity Committee shall make notices of public interest available to the press and handle any other publicity that the Board of Directors may deem advisable.
The Sports Committee shall arrange for the creation of teams in any sport in which at least 15 active members are interested in participating.
ARTICLE V: DUES
All members are subject to:
A. Annual dues. New members will also be subject to an initiation fee both of which shall be determined annually by the current Board of Directors.
The fiscal year shall be the calendar year and annual dues shall be payable by January 1st. Dues not received by March 1st shall be considered delinquent. Such delinquent member would no longer be in good standing and would be subject to action by the Board of Directors.
ARTICLE VI: AMMENDMENT
An amendment to the Constitution may be proposed in writing to the President signed by 25 percent of the voting membership. A concurring vote by two-thirds of the voting membership shall be required to pass any amendment.
RESOLUTIONS ADOPTED BY THE BOARD OF DIRECTORS – 1993
No officer of the Association shall commit Association funds in excess of $200 without prior approval by the Board. This resolution upon approval must be presented to the incoming Board at their first regular meeting. Presentation of this resolution to the incoming Board shall be the responsibility of the incumbent 1st Vice President.