Apr
21
At its May 8-9, 2025, meeting in Chicago, Illinois, the Appraisal Institute Board of Directors will consider proposed amendments to the Appraisal Institute Bylaws. The proposed amendments include in part:
- No longer requiring four (4) regular meetings each calendar year of the Board of Directors, allowing for flexibility to have additional or fewer meetings as deemed necessary.
- Streamlining and aligning processes for calling meetings of the Board of Directors.
- Adjusting the notice requirement for special meetings of the Board from at least forty-eight (48) hours, which is the current requirement, to at least forty-eight (48) hours but less than fifteen (15) days in advance.
- Adjusting the quorum requirement for special meetings of the Board to majority of Directors with voting rights. Currently, special meetings require a 2/3 quorum in certain instances.
- Except where otherwise provided, adjusting the voting threshold for special meetings of the Board of Directors to 60% of Directors with voting rights present at the beginning of the special meeting. Currently, the voting threshold for special meetings is majority except where provided otherwise.
- Elimination of the Past Officers section.
- Clarification and non-substantive housekeeping changes.
The Board Meeting and Motions Project Team (BMMPT) believes that the proposed amendments will help clarify and streamline processes for special and regular meetings of the Board of Directors. The proposed amendments are expected to have minimal financial impact.