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Itex Brokers Association

BYLAWS OF THE ITEX BROKERS ASSOCIATION

 

 

 

 

 

 

ARTICLE I
Name & Definitions

SECTION 1 - NAME

 

The name of the organization is the ITEX BROKERS ASSOCIATION.

SECTION 2 - LOCATION

 

The principal office of the Association shall be located with the President of the Association.

SECTION 3 - DEFINITION

 

A.

Company

The ITEX Corporation, a Nevada Corporation.

 

B.

Broker

A person or entity who is party to one or more IRBAs or FAs or otherwise received a communication of appointment as an ILB, IFB or AD.

 

C.

ILB

ITEX Licensed Broker

 

D.

IFB

ITEX Franchise Broker

 

E.

AD

Area Director

 

F.

IRBAs

Independent Retail Brokers Agreement formerly known as Independent Retail Brokers Sales Agreement (IRBSA), the agreement between ILB and Company which grants the right to use the Company trademarks, sell the Company’s services to clients of ITEX.

 

G.

FAs

Franchise Agreement between IFB and Company which grants the right to use the Company trademarks, sell the Company’s services to clients of ITEX.

 

H.

Principal

The term “principal” means the person(s) or entity owning interest in a corporation or partnership which is the Broker.

 

I.

Year

The term “year” means the calendar year.

 

J.

IBA

The ITEX Brokers Association. A Missouri Corporation.

 

K.

Regions

Areas Identified as districts, each represented by a member-at-large.

 

L.

Board of Directors

Elected by the members, also referred to as the IBABD or The Executive Board.

 


ARTICLE II
Purpose of Association

SECTION 1 - GENERAL

 

This Association is organized to improve and facilitate communications between the Company and Brokers. Except as its activities will indirectly benefit all Brokers and the Company, it is not the intent of the Association itself to make any profit. Should the Association decide, by majority vote, to disband the Association, all monies held will be distributed to each member in equal shares. This shall be done after a full accounting is prepared by the treasurer and given to each member. All bills will be paid first and then the remaining monies will be distributed to the membership. A final Treasurer’s report will also be sent to each member.


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SECTION 2 - THE SYSTEM

 

It is important that the Company and its Brokers conduct their operations in as nearly a uniform and distinctive manner as is reasonably possible, thereby allowing the ITEX Corporation to enjoy a public image and reputation in excess of that which any single Broker or the Company could alone establish. Uniformity and distinctiveness in methods of operation, customer service, and advertising are all of particular importance. The Association will advise the Company in maintaining, refining and developing this distinctive and uniform system of barter.

 

SECTION 3 - AUTHORITY

 

Although the Company has ultimate authority for the barter system as developed, the Association will advise and assist the Company in the development, testing and introduction of new methods and procedures for promoting and conducting barter within the ITEX system.

 

SECTION 4 - FEES

 

It is not the purpose of the Association to make decisions about fees charged to ITEX clients by the Company. Any such activity by the Association is improper.

 

SECTION 5 - ADVISORY CAPACITY

 

Recommendations by the IBA to the Company are advisory only and do not bind the Company. The Company is the owner of the trademarks and systems and must ultimately have the authority and responsibility for all decisions affecting it.

 

SECTION 6 - ARBITRATION

 

The Ethics Committee shall provide arbitration to a Broker and the Company when a dispute arises between Brokers or the Company, and arbitration is reque

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