spouse seeking to acquire the decedent ’ s Equity Membership or License shall be required to notify the Club in writing of his or her desire to acquire the decedent ’ s Equity Membership or License in the Club and make formal application for membership to the Club by no later than one hundred eighty (180) days after the date of the decedent ’ s death, and must pay all dues, fees, assessments and charges for the intervening period between the date of the decedent ’ s death and the date of reissuance of the Equity Membership or License. If the surviving spouse does not elect to acquire the decedent ’ s Equity Membership or License, or if an Equity Member or Licensee dies without a surviving spouse, then the decedent ’ s Equity Membership or License shall be deemed resigned in accordance the provisions of Section 2.6.2 herein upon the expiration of the 180-day period or receipt of written resignation of the estate, whichever is earlier. The decedent ’ s estate shall be responsible for all dues until the time of any resignation.
Section 2.6.6 Repayment of Membership Fees . The following provisions shall apply with respect to refund of membership and License fees and the imposition of transfer fees:
(a) Equity Members . In cases of termination of an Equity Member ’ s membership for any reason, and provided the terminated Equity Member has paid the terminated Equity Member ’ s dues, charges and other monetary obligations as required hereunder, when the new Equity Member pays the membership fee then applicable, the Secretary shall transmit to the terminated Equity Member the amount the Club receives upon resale of such Equity Member ’ s membership, less a transfer fee in an amount established by the Club from time to time and any other fees and charges owing by such Equity Member (the “ Refund Amount ” ). The amount of the transfer fee will not exceed thirty percent (30%) of the resale price of the Equity Membership at the time of resale. The Secretary shall obtain written receipt for any refund. The receipt shall be retained by the Secretary as evidence that such terminated Equity Member or such representative no longer shall have any claim as or on behalf of an Equity Member of the Club. Any balance of the membership fee of the new Equity Member not so paid out shall be retained by the Club and paid into its Operating Fund. Preference for reissuance of memberships shall be on the basis of earliest termination date. Terminated memberships shall be offered for resale by the Club in the order in which they appear on the resale waiting list on a one-for- four (1 for 4) alternating basis with newly issued Equity Memberships being offered by the Club (i.e., one (1) resale Equity Membership for every four (4) newly sold Equity Memberships). (b) (c) Pursuant to the Club ’ s Regulations, Members may resign at any time upon providing the Club with one full month’s prior written notice, and payment of applicable dues until the time of resale of the terminated Equity Member ’ s membership or up to one (1) year from the effective date of termination, whichever occurs sooner. The terminated Equity Member or his or her representative shall not be obligated to pay dues for more than one (1) year after termination. Alternatively, the resigned Equity Member may resign and pay their financial obligations through the effective date of resignation only, in which case that Member waives all rights to any refund and shall have no further rights as a Member. Section 2.6.7 Suspension . Privileges of a Member or Licensee, including use privileges extended to the Family or guest of any Member or Licensee, may be suspended, and if suspended may at a later date be reinstated by the Board in accordance with these Bylaws, the
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