Series 24: 3.5.5.2. Board Of Directors

Taken from our Series 24 Online Guide

3.5.5.2. Board of Directors

Regarding the board of directors, at least one class of directors must come up for reelection each year. For funds that charge 12b-1 fees, a majority of the directors must be unaffiliated with the fund. For funds that do not charge 12b-1 fees, 40% must be unaffiliated.

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