stock than is necessary for his or her qualification as a member under the By- laws of the Club. This provision shall be printed on all stock certificates. (f) Within five years after purchase of Club stock, the Club shall repurchase Club stock in the case of any member dying, or resigning because of change of residence to a location more than 90 miles away from the Club. The price paid by the Club shall be the amount paid by the stockholder for his shares less 20% of the amount for each full year and partial years will be prorated each month the stockholder shall have been a member of the Club. Otherwise, except as set forth sub-paragraphs (b) or (f) of this SECTION, any stockholder ceasing to be a member of the Club by death or otherwise, thereby forfeits his or her shares of stock to the Club and shall receive no compensation therefor. SECTION VI – CHILDREN OF DECEASED OR EXPELLED MEMBERS In the event of the death or expulsion of the parent of a child who is in a membership classification other than Senior or Non-Resident Senior and whose membership classification is based upon the membership classification of such parent, the child may remain a member of the Club if within 90 days of the death or expulsion of the parent, a member of the Club acceptable to the Membership Committee (the Responsible Member) agrees to be responsible for the conduct and Club related financial obligations of such child. If for any reason the Responsible Member shall cease to be a member of the Club or otherwise cease to be the Responsible Member, such child shall immediately cease to be a member of the Club but may be reinstated upon the agreement of another approved Responsible Member for such child.
ARTICLE III BOARD OF DIRECTORS
SECTION I – NUMBER (a) The Board of Directors shall consist of (i) 18 members elected by the stockholders or under SECTION II of this ARTICLE, divided into two classes of directors each Director shall be elected to serve a term of two years, or until his or her successor is elected and qualified and (ii) the two immediate Past Presidents of the Club, titled Honorary Directors, who shall have all the rights and duties of the other Directors. Any 10 members of the Board of Directors shall constitute a quorum for the transaction of business. (b) All other Past Presidents shall have the title Advisory Director provided, however, that those persons elected President after 1997 shall cease to be Advisory Directors when they have reached their 72nd Birthday. While not members of the Board of Directors, Advisory Directors may attend and participate fully in any meeting of the Board of Directors, except that they shall have no vote on any matter.
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