SECTION V – STOCK (a) In addition to the annual membership dues, Club stock ownership is required for all members as set forth in Article II, Section I of these By-Laws or as fixed from time to time by resolution of the Board. (b) The stock of a deceased stockholding member is automatically canceled, unless such member is survived by a spouse who is in an Associate member category at the time of death, in which event, the Associate member becomes the owner of the deceased member’s stock. The surviving spouse may remain in the Associate member category. Should the surviving Associate member remarry, he or she may become a member in the same category as the deceased spouse. (c) Both resident and non-resident members shall be required to own shares of the Club stock, as set forth in ARTICLE II, SECTION I. (d) No member is permitted to sell or assign any of his or her shares of stock in the Club, except shares may be voluntarily transferred once between spouses to qualify either one for a different membership classification subject to the approval of the Membership Committee. Shares so transferred may not again be reassigned other than by an automatic transfer under sub-paragraph (b) of this SECTION. Any member ceasing to be a member by death, or otherwise, shall forfeit his or her shares of stock to the Club, except as provided in sub-paragraphs (b), or (f) of this SECTION. This provision shall be printed on the stock certificates. (e) No stock shall be transferred to or issued to any member of the Club if the transfer or issuance of said stock will result in said member owning more 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
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