<br><font size=2><tt>"David Graham" <cdlu@railfan.ca> wrote
on 08/02/2006 11:35:48 AM:<br>
> Greg, could you address this for us, please? We'd like to move forward
on<br>
> modernising our by-laws, but have an important legal question to determine<br>
> if it's even feasable to have new by-laws accepted.<br>
</tt></font>
<br><font size=2><tt>There's some ambiguity in the current bylaws, but
it is not unreasonable to interpret the language to mean that an amendment
requires a vote of 2/3 of the members entitled to vote. There is
some risk in this interpretation, but since the alternative is to keep
the by-laws as they are, it may be worth taking.</tt></font>
<br>
<br><font size=2><tt>Given the wide membership eligibility in SPI, and
the difficulty in obtaining quorum, it might be worth considering adding
additional ongoing membership requirements (I'm sure these and others have
already been considered) -- e.g. annual dues (common in membership organizations),
or some sort of "active" status in a member project.</tt></font>
<br>
<br><font size=2><tt>Regards,</tt></font>
<br><font size=2><tt>Greg</tt></font>
<br>
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Gregory Pomerantz<br>
Cleary Gottlieb Steen & Hamilton LLP<br>
1 Liberty Plaza<br>
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212-225-2723 (tel)<br>
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