Review of By-Laws

The class has undertaken a review of the by-laws to determine what changes are now necessary. Chief among the changes that we see necessary are:

• removal of the rule that mandates holding 5% cash
• clarification on ETF rules (for instance, can not short stocks, but can we buy ETF that is short?)
• inclusion of language that allows long option positions and covered short option positions.
• more rigorous rules as to what will be allowed over the summer