Qualifications for Candidacy
(TAKEN FROM BYLAWS, ARTICLE II)

MEMBERSHIP

Section 1: Active Membership.

1. Eligibility:  Active Membership in the Association shall be open to any individual who:
   
   
   1. is a licensed real estate broker or salesperson in the State of Illinois;
   2. is principally engaged in industrial real estate brokerage and has consummated (i) not less than 15 industrial transactions, and (ii) sales and leases of industrial properties totaling not less than $2,000,000, both within the 24 month period immediately prior to the making of an Application;
   3. has a minimum of two years experience in industrial real estate brokerage;
   4. has a reputation for integrity and ability and has established in the community a reputation of real estate practice in compliance with the law and in an honorable manner;
   5. agrees to abide by the Bylaws of the Association, and agrees that by extension, all industrial salespeople affiliated with such individual’s brokerage company will comply with these Bylaws, as well as the Standards of Ethical Practice adopted from time to time by the Association;
   6. has attended not less than four (4) regular meetings of the Association within the twelve (12) month period immediately prior to the making of any Application;
   7. is sponsored for Membership by two Active Members, one (1) of whom shall have participated in at least one (1) consummated industrial real estate transaction with the Applicant, and one (1) of whom shall be outside of the firm of which the Applicant is a member;
   8. has successfully completed, within the previous three (3) years, the AIRE Laws & Standards Seminar, except that if such Seminar has not been offered within one (1) year prior to Application, then Active Membership may be granted to an Applicant subject to successful completion of the next such Seminar;
   9. has properly completed and signed the official AIRE Membership Application;
   10. has submitted the application fee with the Application, which amount shall be set by the Board from time to time and noted on the Application; and
   11. has been approved by the Membership Committee and Active Members as provided in Article II, Section 2.
       
       
2. Eligibility of Managers or Principals: Active Membership is, also open to individuals who are managers or principals of an industrial real estate brokerage company or division having a minimum of 10 industrial salespeople.  Individual Applicants under this provision need not meet the qualifications described in clauses (2) and (3) of Subsection A of this Section 1 of the Bylaws, but must have 2 years of experience as a manager or principal, and while they must be sponsored by 2 Active Members, one of whom is not affiliated with the Applicant’s firm, the requirement of having cooperated in transactions with the sponsors is waived for this category.
   
   
3. Exceptions:  Any or all of Sections (1), (2), (3), (5), (6), (7) and (8) of Subsection A of this Section 1 may be waived by the Board upon recommendation of the Membership Committee, provided it is determined that there are (i) extenuating circumstances, (ii) prior years of real estate activity in Illinois or other states, or (iii) other compelling reasons why the particular Applicant should not be required to meet the particular qualification.  A written request for a waiver must be made by the Applicant along with submittal of the Application, including a written explanation offering justification for waiver, and the waiver must be recommended by majority vote of a quorum of the Membership Committee and approved by majority vote of the Board prior to the Application’s consideration by the Active Membership.  Once the Membership Committee and Board have determined to waive a specific membership requirement, lack of meeting that requirement will not be accepted as legitimate objection to granting or continuing membership.
   
   
4. Application Procedure:
   
   
   1. Form of Application:  Applications for Active Membership shall:  (i) be in writing on the form provided by the Association; (ii) be signed by the Applicant, and, in the case of any Applicant who is a member of a firm, be signed by such firm to evidence such firm’s acknowledgment of the provisions hereof; (iii) bear recommendations and signatures of two sponsoring Active Members; (iv) be accompanied by the application fee, provide evidence of successful completion of an AIRE Laws and Standards Seminar within the prior three (3) years, and any other documentation or information as may be requested by the Membership Committee; (v) contain an agreement to abide by all the Bylaws of the Association in force and as enacted from time to time; (vi) contain complete information regarding any complaints filed against the Applicant before any Real Estate Board; (vii) contain consent that the Association, through the Membership Committee or otherwise, may invite and receive information and comment about the Applicant from any Active Member or other persons; (viii) contain an agreement that any information and comment furnished to the Association by any person in response to the invitation shall be conclusively deemed to be privileged and not form the basis of any action for slander, libel, defamation of character or other sort; and (ix) contain an irrevocable waiver of claim against the Association, the Board, any Member or any agent of the Association in connection with the business of the Association and particularly as to its act, or their acts, in admitting, or failing to admit, or disciplining the Applicant as a Member.  The Application will also make note of those membership requirements which may be waived, provided waiver has been requested by the Applicant and sufficient cause for waiver has been approved by the Membership Committee and Board.
      
      
   2. Action on Applications:
      
      
      1. All Applications for Active Membership shall be filed with the Chairman of the Membership Committee (“Membership Chairman”), who shall review the Application to determine whether the Applicant appears to meet the Active Membership requirements.  If there is a request of waiver of any requirement, the Membership Chairman shall call for a vote of the Membership Committee on the waiver, majority vote being required for recommendation for or against.  The recommendation of the Membership Committee, together with the Application, shall then be submitted to the Board, who must also approve or deny the waiver by majority vote.  If the requested waiver is not recommended by the Membership Committee or denied by the Board, the Application shall be refused.  In reviewing all Applications, the Membership Committee may request any additional information and may personally interview the Applicant, sponsors or others to obtain it.
         
         
      2. Once an Application has been recommended by a majority vote of the Membership Committee, the Membership Chairman shall give notice of the Application to all Active Members.  This notice shall contain the name of the Applicant, the name of the brokerage company or firm to which the Applicant is affiliated, and the names of the sponsors.  The notice shall also contain the following paragraph:

      “At any time within ten (10) days after the date of this notice, any Active Member may notify the Membership Chairman of any written objection to the acceptance of an Applicant.  The objection shall state specifically matters which in the view of the objector indicate that the Applicant has failed to comply with any requirements of the By-Laws.”

      The name and address of the Membership Chairman shall be provided in the notice.

   3. Membership Committee Procedure:  The following shall be the rules of procedure of the Membership Committee with respect to Applications subsequent to the serving of notice to the Active Membership and receipt of objections, if any:
      
      
      1. If the Applicant meets all of the qualifications for Active Membership (and all waiver requests have been approved) and no objections have been raised, or if raised and withdrawn, then the Membership Committee shall recommend approval of the Application for Active Membership by the Board, the Board shall be required to approve the Application for Active Membership.
         
         
      2. If objection to the Applicant has been filed in writing by any Active Member as required above, the Membership Chairman shall notify the Applicant of the substance, but not necessarily the source, of the objection.  The Applicant may, if the Applicant wishes, submit additional information intended to satisfy the objection or may withdraw the Application.  If neither the Application nor the objection has been withdrawn, the Membership Chairman shall, on written request from the Applicant, submit all relevant material to the Board for its disposition.
         
         
      3. Upon written request from the Applicant, the Board, meeting with a quorum of its Members, the Membership Chairman, and any objectors, shall review the Application.  The Board shall then invite the Applicant to appear in person before the Board to defend against any objections, if the Applicant so desires.  A time and place for such appearance shall be set to the convenience of all parties.  Any other parties may also be invited to attend this hearing if so desired by the Board.  The Applicant is entitled to be accompanied by the Applicant’s attorney or other advocate.  The Board, after hearing all relevant information, shall accept or reject the Applicant by simple majority vote.  The action of the Board shall be final in all cases.
         
         
      4. if an Applicant has been denied Active Membership, the Applicant may not reapply for one year from the date of such denial and must submit a new Application for Membership.
         
         
      5. The Membership Chairman may elect to delegate some or all of such Membership Committee functions if there is only one (1) Member of the Membership Committee.
         
         
   4. Admission to Membership:  When an Applicant has been approved for Active Membership, the Applicant shall be notified promptly by the Membership Committee and shall be invited to attend the next regular meeting where the Membership Chairman (or the Chairman`s or Association’s designee) shall award a Certificate of Membership and any other pins, documents or gifts as may be determined from time to time.  The Membership Chairman shall be responsible for notification to the Association Administrator, who will be responsible to see that the new Member is added to the roster and is billed for such new Member’s prorata share of the current year’s dues.
      
      
   5. Ongoing Qualifications:  Once a person has been accepted for Active Membership, such Member must continue to meet all the qualifications for Membership as described in Article II, Section 1 of the Bylaws, except that notwithstanding the foregoing: (i) such Member need not continue to consummate the number of deals specified; (ii) such Member must successfully complete the AIRE Laws and Standards Seminar every 3 years (or less) from the time the Applicant becomes a Member; (iii) such Member’s meeting attendance requirement is waived; and (iv) all requirements specifically relating to Application and sponsorship shall not apply.

Section 2: Honorary Membership.

1. Entitlements, Restrictions and Rights:  Honorary Members shall remain on the Association’s mailing lists, shall be entitled to voting privileges and all other privileges of Active Members, and shall be allowed to attend all regular meetings of the Association without charge.  Honorary Members shall be required to pay the appropriate charges for special functions such as bus tours, Holiday Parties, and special seminars and meetings.  Honorary Members shall not be required to pay dues and shall not be required to participate in on-going education and certification programs.

   Honorary Members will be required to abide by the Bylaws, as well as the Standards of Ethical Practice adopted by the Association from time to time, and are subject to disciplinary action or expulsion as provided for all Members under these Bylaws.

2. Lifetime Membership:  Unless expelled, Honorary Members remain Honorary Members for life.  Honorary Members, at their option, may request to have their name removed from either or both the mailing list or roster if retired, no longer living in the area, and/or no longer wishing to receive mailings from the organization.  Removal from the mailing list does not constitute a resignation from Honorary Membership, however, an Honorary Member may resign at any time by notifying the President who shall be required to accept said resignation if offered.
   
   
3. Qualifications:  Honorary Membership shall be awarded to individuals by the Board of Directors to persons who meet one or more of the qualifications below.
   
   
   1. Any Active Member who has served as President of the Association 20 years prior to the date of acceptance of Honorary Membership.  (i.e.:  the 1981 President, and all prior Presidents, shall be eligible for Honorary Membership at the beginning of 2001.)  
      
      
   2. Any person who has been an Active or Associate Member for at least 20 years, is over 65 years of age, may or may not have served as President, but has, in the opinion of the Board of Directors, offered extraordinary contributions to the organization and the profession.
      
      
   3. Any current Member in good standing who does not meet any of the above qualifications but has, in the opinion of the Board, made such significant contributions to the industrial real estate brokerage profession as to warrant being honored by this designation.
      
      
4. Procedure:
   
   
   1. Any Active Member may nominate a candidate for Honorary Membership meeting the above requirements by notifying the President of the Association.  In the case of a 20th year Past President, any person qualifying shall be automatically nominated at the first Board of Directors meeting of the 21st year after such person’s presidency.  The President shall bring the matter before a quorum of the Board who shall decide by simple majority vote.  The decision of the Board shall be final.
      
      
   2. If the nominee is rejected, there shall be no public mention or notification, but the nominator shall simply be informed, and the person rejected may not be re-nominated for at least another 12 months.  If the nominee is accepted, the President shall contact the nominee to determine if the nominee accepts the designation and if so, shall invite the nominee to attend the next regular meeting of the Association to be presented with an official certificate or plaque and be honored by the Association.  If the nominee is not able to attend the next regular meeting, the President shall determine whether to wait for induction at a subsequent, future meeting, or to simply induct in the absence of the nominee and mail the certificate or plaque.  It shall be the responsibility of the Membership Committee to see that certificates and plaques are prepared and presented.

Section 3: Associate Membership.

1. Eligibility:  Associate Membership shall be open to the following types of companies who are sponsored by at least two (2) Active Members:  (i) public utility companies, such as railroads, electric power, gas and telephone companies; (ii) established private industrial districts; (iii) industrial general contractors and developers; (iv) industrial architects; (v) investment companies with major industrial real estate portfolios; (vi) banks; (vii) industrial mortgage brokers; and (viii) other companies engaged in activities directly related.  to the field of industrial real estate.  The law firm that is legal counsel to the Association, as chosen by the Board, shall have Associate Member status without making application or otherwise qualifying under the eligibility requirements, and shall have the same rights and be subject to the same restrictions as other Associate Members except as otherwise determined by the Board.  At no time shall the number of Associate Member companies exceed 30% of the General Membership of the Association.  The Board and the Membership Committee shall endeavor to maintain a relatively balanced Associate Membership mix from the foregoing fields.

2. Application Procedure:
   
   
   1. Form of Application:  Applications for Associate Membership shall:  (i) be in writing on the form provided by the Association; (ii) be signed by a principal of the Applicant; (iii) bear recommendations and signatures of two sponsoring Active Members; (iv) be accompanied by the application fee and any other documentation or information as may be requested by the Membership Committee; (v) appoint the initial Designee or Designees and state the date or dates of attendance by such Designee or Designees of an AIRE Laws and Standards Seminar within the three (3) year period prior to the date of such Application; (vi) contain an agreement to abide by all the Bylaws of the Association in force and as enacted from time to time; (vii) contain consent that the Association, through the Membership Committee or otherwise, may invite and receive information and comment about the Applicant from any Active Member or other persons; (viii) contain an agreement that any information and comment furnished to the Association by any person in response to the invitation shall be conclusively deemed to be privileged and not form the basis of an action for slander, libel, defamation of character or other sort; and (ix) contain an irrevocable waiver of claim against the Association, the Board, the Association Administrator, any Committee, any Member, or any agent of the Association in connection with the business of the Association and particularly as to its act, or their acts, in admitting, or failing to admit, or disciplining the Applicant as a Member.  The Application will also make note of those Membership requirements which may be waived, provided waiver has been requested by the Applicant and sufficient cause for waiver has been approved by the Membership Committee and Board.
      
      
   2. Action on Applications:
      
      
      1. All Applications for Associate Membership shall be filed with the Membership Chairman, who shall review the Application to determine whether the Applicant appears to meet the Associate Membership requirements.  If there is a request of waiver of any requirement, the Membership Chairman shall call for a vote of the Membership Committee on the waiver, majority vote being required for recommendation of acceptance or denial.  The recommendation of the Membership Committee, together with the Application, shall then be submitted to the Board, who must also approve or deny the Application by majority vote.  If the requested waiver is not recommended by the Membership Committee or denied by the Board, the Application shall be refused.  In reviewing all Applications, the Membership Committee may request any additional information and may personally interview the Applicant, sponsors or others to obtain it.
         
         
      2. Once an Application has been recommended by a majority vote of the Membership Committee, the Membership Chairman shall give notice of the Application to all Active Members.  This notice shall contain the name of the Applicant, the names of the Designees and the names of the sponsors.  The notice shall also contain the following paragraph:

         “At any time within ten (10) days after the date of this notice, any Active Member may notify the Membership Chairman of any written objection to the acceptance of an Applicant.  The objection shall state specifically matters which in the view of the objector indicate that the Applicant has failed to comply with any requirements of the Bylaws.”  

      The name and address of the Membership Chairman shall be provided in the notice.

   3. Membership Committee Procedure:  The following shall be the rules of procedure of the Membership Committee with respect to Applications for Associate Membership subsequent to the serving of notice to the Active Membership and receipt of objections, if any:
      
      
      1. If the Applicant meets all of the qualifications for Associate Membership (and all waiver requests have been approved) and no objections have been raised, or if raised and withdrawn, then the Membership Committee shall recommend approval of the Application for Associate Membership by the Board, and the Board shall be required to approve the Application for Associate Membership.
         
         
      2. If objection to the Applicant has been filed in writing by any Active Member as required above, the Membership Chairman shall notify the Applicant of the substance, but not necessarily the source, of the objection.  The Applicant may, if the Applicant wishes, submit additional information intended to state the objection or may withdraw the Application.  If neither the Application nor the objection has been withdrawn, the Membership Chairman shall, upon written request from the Applicant, submit all relevant material to the Board for its disposition.
         
         
      3. Upon written request from the Applicant, the Board, meeting with a quorum of its Members, the Membership Chairman, and any objectors, shall review the Application.  The Board shall then invite the Applicant to appear in person before the Board to defend against any objections.  A time and place for such appearance shall be set to the convenience of all parties.  The objector, and any other parties, may also be invited to attend this hearing if so desired by the Board.  The Applicant is entitled to be accompanied by the Applicant’s attorney or other advocate.  The Board, after hearing all relevant information, shall accept or reject the Applicant by simple majority vote.  The action of the Board shall be final in all cases.
         
         
      4. If an Applicant has been denied Associate Membership, the Applicant may not reapply for one year from the date of such denial and must submit a new Application for Membership.
         
         
      5. The Membership Chairman may elect to delegate some or all of such Membership Committee functions if there is only one (1) Member of the Membership Committee.
         
         
   4. Admission to Membership:  When an Applicant has been approved for Associate Membership, the Applicant shall be notified promptly by the Association Administrator and shall be invited to attend the next regular meeting where the Membership Chairman (or the Chairman’s designee) shall award.  a Certificate of Membership and any other pins, documents or gifts as may be determined from time to time.  The Membership Chairman shall be responsible for notification to the Association Administrator, who will be responsible to see that the new Member is added to the roster and is billed for such new Member’s prorata share of the current year’s dues.
      
      
3. Designees:  Any company accepting an invitation for Associate Membership shall appoint at least one (1) but not more than two (2) Designees in the application form.  Designees of the Associate Members may attend meetings of the Association when invited, take part in discussions, and advise as to matters pertaining to industrial real estate.  Associate Members may have either one or two Designees.  Associate Members may change their Designees upon written application to the Membership Chairman signed by a principal of the Associate Member company, and approval of the Membership Committee and notification to the Active Membership in the same manner as provided in Article II, Sections 1D and 3B.  If a Designee is rejected, the Associate Member may submit an alternate Designee at the next subsequent meeting, who must be approved in the same manner.
   
   
4. Rights and responsibilities:  Upon acceptance as an Associate Member, the Designees and all Members of the Associate Member’s company shall be bound by the Bylaws and the Standards of Ethical Practice adopted from time to time by the Association.  Associate Members shall carry no voting rights in the Association and a Designee shall not be permitted to serve on the Board nor hold office.  A Designee may serve as chairman or Member of any committee except the Membership Committee, the Ethics Committee, the Arbitration Committee or the Nominating Committee.  Designees shall be required to attend not less than four (4) Association functions during each year, including the Association meetings, the Golf Outing, the Bus Tour and the year-end Holiday Party.  Designees shall be required to have attended an AIRE Laws and Standards Seminar within the three (3) year period prior to the Application for Associate Membership of such Designees’ company, and all Designees shall be required to attend at least one (1) AIRE Laws and Standards Seminar during each three (3) year (or less) period from the time such individuals become Designees.  The Board may further reasonably limit or restrict other rights of Associate Members and Designees.
   
   
5. Meetings:  Designees will be invited to attend the annual Golf Outing, the year-end Holiday Party, the Bus Tour, regular meetings, and special seminars and events.  The Board of Directors has the right to bar all Designees from any “closed” meeting or any portion of any meeting or event it deems appropriate.

Section 4: Certificates and Pins.  Certificates, pins, emblems and other evidence of Membership shall be reserved for the use of Members only and shall be returned promptly to the Secretary whenever Membership is terminated.

Section 5: Dues and Fees.

1. The application fees and annual dues for Active and Associate Membership will be established from time to time by the Board of Directors.  Each Designee of an Associate Member shall be required to pay applicable annual dues.
   
   
2. Dues will cover standard Membership costs, which shall include but not be limited to the regular lunch and dinner meetings of the Association, mailings, electronic mail system and website costs, and other administration costs.  The Board of Directors shall designate any additional or special charges for individual events, programs, services or materials that it deems appropriate.  Membership dues shall be paid in advance for twelve months during the month of January.
   
   
3. An application fee shall accompany the Application for Active or Associate Membership.  The application fee shall not be refundable if the application is rejected or withdrawn.  Upon approval, the Membership Chairman or the Board shall notify the Association Administrator who will bill the new Member for such new Member’s prorata share of the current year’s dues calculated on a monthly basis beginning with the month following such new Member’s admission to membership.

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