Page 71 - VCC 2022 Capital Plan New Binded

3.1.4. Limitations of Membership.

(a) Membership is limited to persons over twenty-one years of age, except in the
case of unusual circumstances as determined by the Board. No more than one person of an
immediate family, as defined in these By-Laws, may hold a Membership in the Club.

(b) No person shall be entitled to own more than one Certificate of Membership
in the Club, and such shall carry only one vote on any Club issue if such person has voting
rights. provided, however, this provision shall be waived for all persons who participate in and
are granted additional shares under the Centennial member program in 2016.

(c) For any such shares owned as a result of participation in the Centennial
Member program of 2016 (a “Centennial Share”), the following shall apply:
Formatted: List Paragraph, Left, Add space between
(i) Conversion of a Centennial Share from non-active to active prior to March paragraphs of the same style, No bullets or numbering, Allow
hanging punctuation, Font Alignment: Auto
1, 2022 shall require no initiation fee, but will be subject to assessment, regular
dues and charges. Any conversion of a Centennial Share from March 1, 2022
through December 31, 2023 would require payment of the then current initiation
fee less $2500 and be subject to assessment, regular dues and charges. Any
conversion of a Centennial Share on or after January 1, 2024 would require
payment of the then current initiation fee less a 50% discount and be subject to
assessment, regular dues and charges;
(ii) All Centennial Shares converted on or after January 1, 2024, would be
subject to limitations on conversion such that no more than five (5) such shares
could be converted in any calendar year from January, 2024 forward, except upon
approval of the Board. All Centennial Shares must be converted by December 31,
2045 or shall be rendered null and void;
(iii) In addition to a spouse or child or stepchild, a Centennial member may
allow conversion of a Centennial Share by a grandchild. This provision shall not
alter the transfer rules stated in 3.1.5 hereinbelow as they relate to non-centennial
shares owned; and
(c) (iv) If any membership category or overall membership cap is full and Formatted: Indent: Left: 1", No bullets or numbering
a waiting list is in place, the family member seeking entry with the Centennial
Share would be placed at the top of the waiting list or in the next available spot on
the waiting list after other Centennial Shares already on list and be granted entry
as a Member of the Club in accordance with that priority.

3.1.5. Transferability and Assignability of Membership.

(a) Upon death of a Member, the spouse or legal representative of the Member's
Estate may request said Certificate of Membership be transferred to the Member's spouse
without payment of a transfer fee. If the spouse shall so request, the Certificate of Membership of
such deceased Member shall be transferred as requested without payment of any fees excepting
such dues, charges or assessments as may have been due or owing at the time of death of the
deceased Member. If the surviving spouse or the legal. representative of the deceased Member's
estate does not request a transfer of the Certificate of Membership within two (2) years from the

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