The Members Assembly is the sovereign body of LACNIC. It is constituted by all members who have the right to participate in it; the topics discussed in the assembly are issues concerning administration, balance sheets approvals, expenses reports, budget executions and other LACNIC's management indicators. The Ordinary Assembly is held once a year within the first six months of the year-end closing, which is on December 31st every year. The Extraordinary Assembly may be convened whenever the Board deems it necessary or when requested by the Fiscal Commission, the Electoral Commission or 5% of the voting members. These requests must be resolved within a period of 10 days and the Assembly must be held within 30 days.