Families having a Temporary membership in the Club must purchase stock to be a member of the Club the following year; therefore it is the Temporary member list that is followed when selling outgoing members’ stock. Temp families are NOT obligated to purchase stock during their one year temp status, so the majority of our stock transactions are completed during the fall & winter. You also have the right to sell your stock to anyone you like, if you choose to advertise it in the paper or elsewhere. The par value of your stock is 350.00 IF the previous annual dues were paid.
Your current annual dues must be paid by June 1st each year. Per our By-Laws, if annual dues are not paid, the value of your stock will be decreased by the amount of the unpaid dues, at which time the stock becomes a partial equity. Therefore, if you decide to sell your stock in the spring, you might consider discounting it to sell before June 1 because its value will be reduced by the unpaid dues on June 1. If annual dues remain unpaid on Sept. 1, the stock reverts to the Club.
For example, annual dues for 2012 are 320 (plus sales tax) if paid before May 1, and 340 (plus sales tax) if paid after that date, therefore your stock value would decrease to 10.00 if not sold prior to June 1, which is the full stock value of 350.00 minus 340 unpaid dues. Below are the applicable By-Laws from Articles III and V:
V-Section 1: Once owning a membership certificate in the Corporation, membership will continue until the member resigns, should fail to pay annual membership fees, or membership is changed by the Board of Directors as set forth in the following two paragraphs in this article. Active members who fail to pay the annual membership fees will be converted to an inactive membership until such dues are paid, at the discretion of the Board of Directors.
V-Section 5: A. A member may sell his membership to the Corporation at a par value established by the Board, less unpaid dues or assessments. Payment to the member will be contingent upon the resale of the membership.
B. A member shall have the privilege of selling his membership to a prospective buyer, identified by the member, without regard to any waiting list. However, this transaction must take place with the approval and under the supervision of the Board of Directors or their assignees. The prospective member is required to pay a transfer fee, as established by the Board of Directors, to the Corporation.
III-Section 3: An active member shall be one who has complied with the requirements of membership in these By-Laws, including the purchase of a membership certificate and payment of annual membership fees, as well as any other requirements established by the Board of Directors. Active members have voting rights and activity privileges.
III-Section 4: An inactive member shall be one who has not paid annual membership fees by June 1 of the current season. Inactive members do not have voting rights or activity privileges.
III-Section 5: An inactive member’s membership certificate reverts to the corporation when the annual dues remain unpaid on September 1 of the year it became inactive.
Contact markwhisman@sbcglobal.net with questions.
By-Laws available from home page.
