1.   Once the parent NASD board approves the plan, it will be forwarded to the SEC, which will issue it as a rule proposal for public comment.

2.   The long-awaited plan, submitted by NASD chief executive Frank G. Zarb, calls for all board members to serve on the parent NASD board.

3.   The other two councils were parent advisory boards.

4.   The two unit boards would be reduced in size and become part of an expanded NASD parent board, NASD announced.

5.   The unit boards already function as subsidiaries of the parent board, he said.

6.   Under the third option, the three boards would remain intact but some unit directors would sit on the parent body board, Zarb said.

7.   Under one plan, the parent body board would expand while the unit boards would be scaled back.

8.   Zarb said today that, if the two unit boards were eliminated, many of their directors would be absorbed by the parent body board.