3. For a member to serve as a proposer, they must be a member in good standing. NOTIFICATION OF COMMITTEE ACTION If the Committee votes upon a candidate unfavorably, the Proposer and Seconder are so notified, in writing. The proposal is removed from the Club files. USE OF CLUB BY CANDIDATES Candidates for all classes of membership may use the Club only as guests of members, according to the rules applying to guests. LEGACY A Legacy is the son or daughter of a Senior or Associate member, who is a member in any Non-Senior or Non-Associate classification. LEGACY STOCK DISCOUNT A Legacy member will receive a 2% discount on their stock purchase price for every year they have been a dues-paying member. Maximum 60% discount is allowed. LEGACY STOCK PAYMENT PLAN A stock payment plan for the purchase of stock is available for Legacy members turning ages 30, 35 and 40. Legacies choosing this payment plan must pay the increase in stock price that occurs between their 30 th , 35 th and 40 th birthdays. RESIGNATIONS Members who resign from the Club and reapply at a later date must realize that once they leave the Club their shares have no value and cannot be credited toward their re-entry to the Club. REAPPLICATION A previous Legacy member (age 40 or younger at the time of application submission) who requests reapplication will receive a discount of 2% for each year that dues were paid from the age of 10 to resignation. This discount is applicable only to a first-time purchase of said shares at the current price at the time the applicant is approved for membership and during the period of time that stock payments are made. REINSTATEMENT A previous member who requests reinstatement will be asked to complete a reinstatement request form that will be reviewed by the Membership Committee. The Membership Committee may request support letters and/or an interview. If approved for reinstatement, the previous member will be required to pay back
36
Made with FlippingBook Annual report maker