Section 1, Certificates.

 

      A membership certificate shall be issued to each proprietary member and only to a proprietary member.  Each membership certificate, even though issued in the names of a married couple, shall entitle the owner to one vote.  Membership certificates shall be in such form as may be determined by the Board except and as prescribed by Florida State Law.  Membership certificates shall be fully paid and non-assessable by any mortgagee of the Rocky Bayou Country Club, Inc.  Membership certificates may be assessed from time to time to support RBCC plans, activities, improvements, and disaster relief efforts by two-thirds majority vote of the members present at a meeting of the proprietary members.  (Amended 11/21/95).

 

Section 2, Single Ownership.

 

      No individual shall be entitled to hold more than one membership certificate in the Club.  (Amended 11/21/95).

 

Section 3, Offer to Club.

 

      Any membership certificate owner, or the executor or administrator of any deceased membership certificate owner, and/or the assignee of any membership certificate sold on execution, who shall desire to sell his certificate, shall request in writing that the certificate be appraised by the Board.  It shall be the duty of the Board to perform this function.  In appraising the certificate, the Board will consider original purchase price, market value, demand and assessments against the certificate.  This certificate owner shall thereupon offer the same in writing to the Board for the use of the Club and the Board shall take such membership certificate for the use of the Club at such time as the member, executor, administrator, or assignee shall, upon payment or tender to him of the appraised value, transfers and assigns such membership to the Club.  Memberships certificates acquired by the Club as herein provided may be reissued at such time and in such amount as the Board may determine, but only to those persons who have been approved for membership to the Club.  In addition to the appraised value of the membership certificate, each owner, executor, or administrator of the deceased certificate owner, and/or the assignee of any certificate sold on execution shall receive in full any moneys tendered the Club specifically designated a “principal debt reduction”, but not to include interest charges as of July 1, 1978.

 

      Due to unforeseen circumstances, should the RBCC not be in a financial position to immediately tender payment for the membership certificate as prescribed to its registered owner or to their estate, the membership certificate will be tendered to the Club for holding until resale is consummated or other funds become available at a later date for proper payment to the registered owner or their estate.  A priority system for payment will be established, based on tender dates, should multiple certificates be made available to the Club at any one time.  When the Club is unable to redeem such certificate, the member will be relieved of dues responsibility and will no longer be a member.

 

Section 4, Transfers.

 

      A transfer of a membership certificate from one person to another without payment to the Club of the non-refundable initiation fee is reserved to transfers within an immediate family.  Any other transfer of a membership certificate will require payment to the Club of the non-refundable initiation fee prior to accepting the certificate owner as a proprietary member of the Club.  Any membership certificate owner, or the executor or administrator of a deceased membership certificate owner, who shall desire to sell his certificate, shall file a statement in writing with the secretary of the Club naming the proposed buyer.  That proposed buyer, unless already a regular member, shall then file an application for membership in the Club, complete with required recommendations by current members.  The admissions committee will review the application and recommend to the Board that the proposed transfer be approved or disapproved.  Upon approval of the new member and upon satisfaction of all accounts with the Club by the selling member, the seller’s membership shall be canceled.  Upon payment of the current non-refundable initiation fee(s) to the Club and certificate fee(s), a new membership certificate shall be issued to the buyer as a new member.  Regular memberships are not transferable by the member.  (Amended 11/15/94).

 

Section 5, Resignations.

 

      Should the owner of a membership certificate desire to resign and terminate his affiliation with RBCC, such owner shall so advise the Board of his intentions in writing through the Secretary.  The effective date of resignation will be considered to be the last day of the month in which the letter was received.  The membership certificate shall accompany the letter of resignation and the membership certificate is considered to be tendered without cost to the Club.