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SECTION 3. TERMINATION OF CERTIFICATE.
A. Proprietary Certificates shall be non-negotiable. Upon termination of a membership, the Certificate must be immediately surrendered to the Club.
B. Payment of terminated Certificate.
1. If the Club is at full membership, then upon the election of a member to fill the vacancy
created by such termination, the current value of the Certificate, less any dues or
indebtedness owed to the Club, shall be paid to the former member or his estate.
2. If the Club is at less than full membership (the number of terminated Certificates exceeds
the number of new member applicants), then a “Terminated Certificate List” is to be established and maintained according to the following:
a. The “Terminated Certificate List” contains the name of the former member who terminated their Certificate, the date the Certificate was terminated, and the serial number of the terminated Certificate. The “Terminated Certificate List” is ordered first-to-last from the oldest-to-newest terminated Certificate.
b. Upon the election of a new member the current value of the Certificate, less any dues or indebtedness owed to the Club, shall be paid to the first listed former member on the “Terminated Certificate List” or their estate with the following exception: A former member rejoining the Club who is on the “Terminated Certificate List” shall be due payment for their Terminated Certificate, less any indebtedness to the Club, effective the day they rejoin the Club. Former members who rejoin are re-issued their original Certificate serial number.
C. The owner or owners of a Certificate may transfer the certificate to a spouse, parent, child, or grandchild, if the transferee within thirty (30) days pays the then current annual dues and other fees payable by members pro-rated to the date of payment and the then current initiation fees.
D. If one co-owner of a Certificate resigns or dies, the Club shall issue a new Certificate to the remaining owner. In the event they terminate their relationship other than by resignation or death, they must terminate their membership and surrender their Certificate, unless they designate in writing one of them to be the sole owner.
SECTION 4. INTEREST IN CLUB.
The value of a fractional interest in the Club property represented by each Proprietary Certificate shall be reviewed and fixed by the Board by a two-thirds (2/3) vote of the Directors. No Certificate shall be issued to a prospective member without payment to the Club by the prospective member of an amount equal to the then value of the fractional interest represented by the Certificate.
SECTION 5. ELECTING NEW MEMBERS.
If at the time a membership terminates there is an acceptable applicant for membership, the Directors shall at their next Board meeting proceed to the election of a member to whom a new Proprietary Certificate shall, subject to the provisions of Section 4. above, be issued. The Board shall at all times fill any vacancy in the membership as soon as an applicant eligible to such membership is available for election.
SECTION 6. LIABILITY.
Neither the Club nor the Board shall be subject to liability for delay in electing a member, whatever the cause. No dues or assessments paid for the fiscal year shall be refunded except in extenuating circumstances that would need to be approved by the Board. No dues will be charged to any terminated certificate after the end of the fiscal year in which the membership was terminated.
SECTION 7. DISSOLUTION OF CLUB.
In the event of the dissolution of the Club in any manner or for any cause, the net assets of the Club remaining after payment of all its just debts and liabilities, shall be paid and distributed pro rata to the owners of Proprietary Certificates then outstanding.
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