CHERRY HILLS COUNTRY CLUB each stockholder of the Cherry Hills Land Company (herein called Land Company) in exchange for shares of stock of the Land Company transferred to the Club. Each Land Certificate shall have a Surrender Value, which value shall be the product of (i) the number of shares of Capital Stock of the Land Company for which such Land Certificate was exchanged, and (ii) the price at which such stock was originally issued; such Surrender Value shall be noted on each Land Certificate. Section 2. Rights and Preferences of Holders or Owners. Land Certificates shall entitle the registered owner thereof, upon the termination of membership in the Club for any reason, to receive from the Club, in cash, a sum equal to the Surrender Value of such certificate, which shall, upon request, be paid to the owner within 90 days after the effective date of such termination. The holders or owners of Land Certificates shall not, as such, be entitled to any other rights or privileges by reason of such possession or ownership, such as, but not by way of limitation, the right to receive, upon liquidation of the Club, the Surrender Value of their Land Certificates before any distribution of assets of the Club is made to any Member thereof, as such. Section 3. Transferability. Land Certificates are not transferable, except upon surrender to the Club in the event of termination of the membership of the holder or owner. Each Land Certificate shall have imprinted thereon a legend to the effect that its transferability is restricted in accordance with the Bylaws of the Club. Section 4. Call for Surrender. Land Certificates are subject to call for surrender, in whole or in part, at any time or from time to time at the option of the Club, upon 15 days’ notice given to the owners thereof by U.S. Mail and/or e-mail, at the addresses of such owners as indicated on the books of the Club. Such notice shall specify the Certificates being called and their respective Surrender Values, the date upon which such Certificates shall cease to be outstanding and the place where the sums representing the surrender value may be obtained. The mailing and/or e-mailing of such notice, but not the receipt thereof, or acknowledgment of the receipt thereof, shall be a prerequisite to the validity of such a call for surrender. The sums representing the Surrender Value may be deposited with any bank or trust company having a capital and undivided surplus of $1,000,000 and doing business in the City and County of Denver, State of Colorado, or may be held in trust by the Club segregated from its general funds for payment to the owners of the Land Certificates called for surrender.
ARTICLE XI
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