of the delinquent account including penalty is not received within 30 days of such 10 th day, then the delinquent member shall immediately cease to be a member of the Club without any further action of the Club. Any member suspended twice under this section within a twelve-month period shall immediately cease to be a member of the Club without further action of the Club. In addition to the foregoing, the names of members who are frequently delinquent in payment of bills of the Club shall be referred to the Past Presidents’ Committee for such action as the Committee shall deem appropriate as set forth under this Section. (d) Any person elected to membership shall pay prorated dues from the beginning of the month following election. (e) When the membership classification of any member changes for any reason, it shall be his or her duty to immediately notify the Club in writing of such change, and in any event he or she shall be liable forthwith for any resulting change in dues (or stock holding requirement). Any increase or decrease in dues or other annualized Club charges shall be prorated in the month in which the change in classification occurs. 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
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