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Governor's Meeting
March 9, 2004

The proposal to amend the By-Laws to change the base jib Lp to 155 percent beginning in 2005 failed by a vote of 5 For, 3 Against and 1 Abstention. Similarly, the proposal to allow the removal of cushions without penalty failed by the same vote. It was agreed to revisit the base Lp proposal at the Fall Governor's meeting with possible implementation dates of 2005 or 2006.