VII. General Provisions

Article 23.- Procedures for the Amendment of these By-Laws:

a) Proposals may be submitted to the Board of Directors by any of the following persons:
1. The Chairman of the Board of Directors;
2. Two or more Directors; or
3. At least three representatives of the Associates who are not Directors.

Approved on IX Annual Assembly Meeting 8 of 9ASSOCIATION OF SUPERVISORS OF BANKS OF THE AMERICAS A.C. BY-LAWS

b) The Board of Directors will analyze the proposal for amendment to the by-laws. If the majority of its Associate Members approve the proposal, it will be presented to the Assembly for discussion and eventually for approval.

c) The Assembly that will discuss amendments to the by-laws must have a quorum of at least two thirds of the Associate Members. In order for an amendment to be approved, an absolute majority of votes must be in favor of such amendment.

d) Approved amendments to the by-laws will come into effect on the date of approval by the Assembly, unless the Assembly specifies otherwise.

The Chairman of the Board of Directors, along with the Secretary General, will be responsible for drafting the revised version of the by-laws. The Chairman will also see that the revised version is duly distributed among the Association’s Members.

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