Series 24: 3.8.5.2. Board Of Directors

3.8.5.2.  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.