MAGNY BY-LAWS

1. STATEMENT OF PURPOSE

a. The Municipal Analysts Group of New York ("MAGNY") is a not-for-profit organization established for the purpose of encouraging the professional development of its members through discussions and presentations of issues relevant to municipal credit analysis.

b. MAGNY is a constituent organization of the National Federation of Municipal Analysts ("NFMA").

c. MAGNY may produce educational materials related to municipal securities analysis and credit to other municipal securities industry participants and the public at large from time to time.

2. MEMBERSHIP

a. Regular Membership in MAGNY shall be open to person engaged in municipal research, legal analysis, portfolio management, or supervision of these employees.

i. A Regular Member must devote at least 25% of his/her time to municipal analysis, legal analysis, the supervision of municipal analysts, or be responsible for managing a portfolio of municipal securities. Other types of municipal finance professionals can be admitted to local societies as Regular Members on a case-by-case basis and at the discretion of the MAGNY's Membership Committee.

ii.Applications to MAGNY are submitted to the NFMA and sent to MAGNY's Membership. Approval for membership requires a majority vote from the Membership Committee.

iii. If a person is a regular member of more than one Constituent Society, that person shall be considered a member of the Society of his/her specific designation for purposes of defining his membership status.

iv. Membership requires two references that are Members in good standing of MAGNY.

v. Membership requires a minimum of one year of industry experience.

b. Membership shall not be limited in number.

c. Membership belongs to the individual member and is not transferable within a business organization.

3. MEETINGS

There shall be three types of board meetings: regularly scheduled meetings, general business meetings and extraordinary meetings.

a. Regularly scheduled monthly luncheons shall have a presentation of general interest, as determined by the Board, and be followed by a discussion period.

b. General business meetings shall be held semi-annually at dates to be determined by the Board. These meetings can be held either in person or via conference call. It is recommended that the MAGNY Board meet in the Spring and Fall.

c. Board Members are not required to attend any of the regularly scheduled meetings, although attendance at all meetings is encouraged.

d. Extraordinary meetings shall be held from time to time, at the discretion of the Board, and shall be of either a presentation or discussion format. Attendance is encouraged but not required.

4. OFFICERS

a. Board: MAGNY shall function with a five member Board, consisting of a Chair, Treasurer, Secretary, Membership Chair and Program Chair.

b. Chair: Duties of the Chair include organizing and publicizing meetings of MAGNY and functioning as liaison with outside groups and organizations. The Chair shall be empowered to establish committees as necessary, including the Membership Committee, and appoint chairs to those committees from among the other Board members or among the membership. In the event of a tie among the Board members in any decision, the Chair's position will carry.

c. Treasurer: Duties include collection of any fees or charges assessed on members and working with outside vendors (as described below), the compilation of the membership list, including street addresses, phone numbers, fax numbers, and E-Mail addresses of members; recording attendance; and, as appropriate, recording minutes. Upon leaving office, the Secretary-Treasurer must pass his/her records on to his/her successor.

d. Secretary: Duties include working closely with the "webmaster" to post employment on MAGNY's website and recording minutes of meetings. Upon leaving office, the Secretary-Treasurer must pass his/her records on to his/her successor.

e. Membership Chair: The Membership Chair shall be responsible for recruiting and retaining MAGNY members. Upon leaving office, the Membership Chair must pass his/her records on to his/her successor.

f. Program Chair: The Program Chair shall be responsible for planning the meetings of MAGNY. Upon leaving office, the Program Chair must pass his/her records on to his/her successor.

g. Past Chair. MAGNY's former Chairman represents MAGNY at the Board of the National Federation of Municipal Analysts and shall be counted as a MAGNY Board member.

h. Officer Succession. At the end of end year the Program Chair becomes Membership Chair, the Membership Chair becomes Secretary, the Secretary becomes Treasurer, and the Treasurer becomes Chairman. This is predicated on the notion that there has been no dereliction of duty or gross malfeasance.

i. Officers shall be appointed to the Board after an application has been made for the open Program Chair position at a scheduled meeting following a MAGNY luncheon by a simple majority of the MAGNY board.

j. If an Officer resigns, the Chair shall be authorized to nominate a replacement subject to ratification of the other officers; provided, however, that if the Chair resigns, the Treasurer shall automatically become the Chair. If the Treasurer resigns, the Secretary shall become the Treasurer. If the Secretary resigns, the Membership Chair shall become the Secretary. If the Membership Chair resigns, the Program Chair shall become the Membership Chair.

k. Officers must be employed as municipal credit analyst or in another eligible role as defined in "Membership". If an officer leaves this field to pursue another type of business unrelated to municipal finance he/she must resign his/her office.

l. The Board members shall hold office for a term of one year.

m. The Board shall approve any educational materials produced by the MAGNY but may consult with the membership with respect thereto.

n. All regular members of MAGNY are eligible to serve on the Board.

o. The Chair and immediate past Chair shall represent MAGNY on the Board of Governors of the NFMA.

5. DUES

a. MAGNY shall operate on a twelve-month fiscal year, beginning January 1 and ending December 31.

b. MAGNY shall charge dues for membership, payable within thirty days of the start of the fiscal year, or upon acceptance into MAGNY. New members may join mid-year, dues are rolling - every MAGNY member now has an anniversary date from the date of their initial membership; provided, however, that if a new member was a member of another NFMA constituent organization, and if that member's NFMA dues had been paid (as verified by an appropriate officer of the NFMA or the other constituent organization) then the new member shall not be required to pay the NFMA dues again.

c. Each regular member shall be required to pay his/her share of the membership dues, assessed by MAGNY, to the NFMA.

d. Dues will be set by a majority vote of the MAGNY board.

6. CODE OF ETHICS

By accepting membership in MAGNY, each member shall accept the Code of Ethics of the NFMA.

7. AMENDMENTS

a. Amendments to these By-Laws must be proposed by the Board and receive a majority vote of the MAGNY members who are either present or vote by email.

b. Voting may be at a luncheon or by email (to be received before the next luncheon meeting at which the proposed changes will be considered).

c. Members of MAGNY must be notified of such vote fourteen days (14) before said meeting.

Effective Date: April 2012. This version supersedes all previous versions of the By-Laws.