Page 11 - Odessa Country Club By-Laws Book

(n) Dependent parents, and unmarried children under the age of twenty-five
(25) still attending school shall be permitted the use of the Club facilities
provided, in each instance, they reside in the household of the member.

(o) Under no circumstances shall the stock certificate be considered as stock
and under no circumstances shall there ever be dividends paid to holders
of stock certificates, or shall the income of the Club ever in any manner be
distributed, paid out or in any way delivered to its members. A stock
certificate shall not entitle the member to interest or property rights in any of
the assets of the Club.

(p) The terms of sub-paragraph (h) of this section apply only to Stockholding
Personal Members as defined in Article IV, Section 2(a). However, in the
event of death of the principal user of a Stockholding Company
Membership as defined in Article IV, Section 2(a), such company may at its
option: (1) continue the membership in the name of the company at regular
dues and designate a new user and representative as provided in Article IV,
Section 3(a), and the Board of Directors may, in its discretion, waive the
transfer fee if the new user and representative is the widow of the
deceased user and representative; or, (2) transfer title and ownership of the
Stockholding Company Membership to the widow of the deceased user
and representative, in her individual capacity, and, in which event, the
Board of Directors may allow such widow to proceed upon the same terms
as provided for the widow of a Stockholding Personal Member in Article IV,
Section 3(h). The option provided herein must be exercised within one
hundred twenty (120) days of the death of the user and representative, and
may be exercised only one time. Any change in the membership after the
option has been exercised will be allowed only in conformity with the terms
of the other By-Laws regulating change in the form of membership which
such membership assumes after the option has been exercised. If the
Board of Directors is not notified of the option chosen by the company
within one hundred twenty (120) days of the death of the user and
representative, then the membership will be continued as Stockholding
Company Membership as though the death of the user and representative
has not occurred.

Section 4. Membership Fees and Dues
(a) All Membership fees, stock price, and dues shall be fixed by the Board of
Directors and may be changed by vote of the Board of Directors at a
regular or special meeting.

(b) Members who resign or whose membership is otherwise terminated shall
be liable for all incurred charges and the full dues for the month in which
they give notice of intention to resign or the action terminating the
membership is taken.

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