BYLAWS When notice has been given and the deposit of funds has been made as aforesaid, then notwithstanding that any Land Certificate has not been presented for cancellation and payment of the Surrender Value thereon, such Land Certificate shall be deemed to be no longer outstanding from and after the date fixed for surrender, and thereafter the holder thereof shall look only to such deposits for the Surrender Value. Section 5. Form. Land Certificates shall be in such form as may be approved by the Board of Directors, subject to the requirements of this Article XI. They shall be issued in numerical order and shall be signed by the President and the Secretary. In case any Officer who has signed any Land Certificate and ceased to be an Officer before the Certificate has been delivered, such Certificate may nevertheless be adopted and issued by resolution of the Board of Directors, and delivered by the Club as though the Officer who signed such Certificate or Certificates has not ceased to be such Officer of the Club. Section 6. Loss and Destruction. In case of loss or destruction of any Land Certificate, another Certificate may be issued in its place upon satisfactory proof of such loss or destruction and, at the discretion of the Club, upon giving to the Club a satisfactory bond of indemnity issued by a corporate surety in an amount and for a period satisfactory to the Board of Directors.
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ARTICLE XI
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