Ratified September 15, 1995
Ratified as Revised April 23, 2007

ARTICLE I

NAME

This industry credit group shall be known as the NACM National Air Express & Cargo Industry Credit Group (hereinafter known as the NAEC).

ARTICLE II

PURPOSE

The purpose of the NAEC is to collect, compile and exchange credit experience information within the industry, and to provide certain educational benefits to the membership in order that the member firms' representatives may more knowledgeably perform their individual duties with respect to the credit and collection activities of their businesses. In no event, however, shall the NAEC participate in or give consideration to any activity, plan, understanding or arrangement which would restrict or interfere with the exercise of free and independent judgment by the members in the management or operation of their respective businesses. Nothing contained in these bylaws shall authorize or empower the NAEC to perform or engage in any acts or practices prohibited by law.

ARTICLE III

MEMBERSHIP

Section I. Any company which is a member in good standing of the National Association of Credit Management through one of its affiliated associations and which:

1. In the ordinary course of business has as one of its primary functions the selling of commercial shipping services;

2. Has been doing business for at least two years; and

3. Is represented by a credit person who has the credit responsibility for the member firm, who is not involved in the solicitation of sales, and who shall be designated as the member's representative to the NAEC shall be eligible for membership in the NAEC under the terms and conditions prescribed in these bylaws.

Section II. The names of all representatives of member companies who attend meetings on a regular or frequent basis must be listed on the official roster of members.

Section III. Prospective members will be permitted to visit one meeting of the NAEC in order to assess the Group's potential benefit before applying for membership, provided that prior approval has been given by the Chairman or Vice Chairman, and that NACM of South Texas has received notification.

Section IV. If the prospective member meets the requirements for membership in the NAEC as described in these bylaws, such applicant shall be admitted to membership. If approved for membership in the NAEC, the new member will agree to fulfill and perform all of the obligations and requirements of membership as contained in these bylaws and in any amendment which may from time to time be made hereto.

Section V. A member may be expelled for any of the following violations:

1. Failure to pay dues and assessments when due;

2. Divulging confidential Group information to unauthorized persons;

3. Failure at any time to meet the qualifications for membership in the NAEC.

The Chairman shall advise the member of such violation in writing and such violation shall be considered at the next Group meeting at which time the member so accused shall have the opportunity to answer all charges. If the Group determines that the member in fact violated such requirement it may discipline the member.

Section VI. Membership in the NAEC shall include Special Interest membership in the Transportation Revenue Management Group (TRMG), along with all rights and privileges of TRMG membership. Termination of membership in NAEC for any reason automatically terminates membership in TRMG.

ARTICLE IV

MEETINGS

Section I. Meetings will be held up to two times per year and/or in conjunction with the Transportation Revenue Management Conference.

Section II. A quorum for a duly constituted meeting shall be comprised of NAEC company members attending said meeting. All matters shall be decided by a majority vote (except as otherwise provided herein) of members present at a duly constituted meeting.

Section III. Meetings and all meeting activities shall be open to all NAEC member companies in good standing, within attendance guidelines established by the Officers.

Section IV. Substitution of representatives at NAEC meetings shall be permitted, such that the member company shall be allowed representation at NAEC meetings at the member fees; an NAEC member company with full memberships shall be permitted representations at NAEC meetings at the member fee, regardless of whether any of those individuals are named NAEC member. Substitution is limited to full time employees of the member company. Substitution at NAEC meetings shall not constitute a change in actual membership; such membership changes must be reported in writing per Article III, Section IV herein.

ARTICLE V

OFFICERS

Section I. The officers of the NAEC shall be a Chairman and a Vice Chairman, and shall be elected as follows: The incumbent Vice Chairman will be promoted to Chairman. At the fall meeting of even-numbered years the incumbent Chairman will accept nominations for the Vice Chairman's position and a secret ballot will be taken. Only those members attending that meeting may participate in the voting. The new Officers will begin serving their terms at the spring meeting.

Section II. In the absence of the Chairman, the Vice Chairman shall perform all the duties of the Chairman.

Section III. If the Chairman is unable to service his/her term the Vice Chairman shall be promoted to Chairman and a New Vice Chairman elected. If the Vice Chairman is unable to service his/her term, a new Vice Chairman shall be elected.

Section IV. The Chairman shall be authorized to appoint special committees as necessary and at his/her discretion for the efficient functioning and procedures of the Group.

Section V. The Chairman of the NAEC shall serve as the group's representative on the Leadership Council of the TRMG.

ARTICLE VI

SERVICES

Section I. Members will contribute weekly to the Exceptions Account database to share experiences for a select group of accounts. The initiating member must enter a removal date which once entered will remain for one year then drop out of the database.

Section II. All group product and services shall be held by NACM Southwest for the benefit of all members, and all intellectual property shall become the property of and be safeguarded by NACM Southwest.

ARTICLE VII

AMENDMENT

Amendments to these by-laws may be proposed to the Chairman by any member. Adoption and ratification of proposed change(s) shall be on the vote of two-thirds of the Transportation company members by any legal means, following a 60 day notice of the intended amendment by any legal means.

Amended 04/23/07