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Look at your school's policy on locals... it may have changed since you went national. Some IFC's don't allow locals period, which could be your biggest obstacle. Another would be how this affects rush. I know, for instance, that I'd want to join a national organization for a variety of reasons and not a local, because I like knowing I could run into a Teke in Florida, California, etc. Also, some alumni of the national fraternity could decide not to donate money to the new local fraternity.
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