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Thanks all. I did get clarification on this. Every chapter is currently at total (or one shy). In the past, it seems that chapters were allowed to go over total in FR to "replace" the seniors that would be graduating. When the Greek advisor says "no COB," he is meaning that he anticipates everyone being at total after FR, so it won't be necessary. Fall (informal) recruitment will be used to "replace" the seniors that will by that time have graduated.
Thanks for the responses! :-)
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