Proposed Bylaw Changes Extracted

Proposed Bylaws Amendments For Approval on March 28 th , 2018



Voting Shares. There shall be one class of voting shares limited to 700 shares. No share shall be entitled to any distribution of assets other than cash upon redemption, if such payment is authorized by the Board. Only the holder of voting shares who is in Good Standing is entitled to vote as provided herein, or by law. Voting Member Full- Privilege Voting Member s currently on l L eave of Absence absence may vote at the s S hareholders’ meetings. Members currently on suspension or otherwise are not in Good Standing, and may not vote at the shareholders’ meetings. as a transfer to his or her surviving widow or widower (who then may elect Surviving Spouse status as provided in Section 8.6) to an employee of such person; provided, in such event the assigning member shall resign or acquire another Voting Share or class of member ship for himself.

2.4.5 Termination of Assignment to Officer or Employee. In the event an officer or employee of either the assigning business entity or assigning individual owner of such voting share shall cease to be employed, or to hold such office, or upon notice by the registered owner thereof (i.e., the assignor) of the desire to withdraw such assignment, the assignment of voting share to such individual shall immediately and automatically terminate and all privileges of membership in the Club theretofore extended to such assignee and to his family shall cease and be withdrawn, and all privileges relating to such share shall revert to the assignor. A retired officer or employee or a widow or widower of a retired officer or employee shall be considered an officer or employee of such corporation, and shall remain an assignee of such share unless the assignment is revoked by the assignor. Termination of Ownership of Assigned Voting Share. In the event the corporate owner of such assigned voting share shall be dissolved, cease to do business or become a debtor in a proceeding under the Bankruptcy Code, or should the individual assignor owner (husband or wife) of such voting share die or become a debtor under the Bankruptcy Code, all privileges of membership as to such assigned voting share shall cease and be withdrawn and the voting share certificates shall be surrendered to the Club for cancellation. By use of the phrase ‘become a debtor under the Bankruptcy Code, it is meant the filing of a voluntary or involuntary petition under Chapter 7, Chapter 11, Chapter 12, or Chapter 13 of the Bankruptcy Code, or conversion to Chapter 7 from a proceeding under another chapter, or any adjudication of bankruptcy. 2.4.6


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