Associate Members.

To be eligible to be an Associate Member, a person must be at least twenty-one (21) years of age and neither the person nor his or her spouse may be older than fifty-nine (59) years.  The person must be elected to such membership by vote of the Board of Directors and pay the initiation fee pursuant to Article VI, Section 4.  Associate Members may not hold office or be entitled to vote upon the affairs of the Club, but shall otherwise be entitled to all rights and privileges of Active Equity Members. On joining, the associate member pays $25,000 of the initiation fee.  Associate Members shall pay 50% dues for Active Equity Members, but shall pay the full amount of all other assessments, fees and charges.  As Associate Membership shall expire upon the earlier of five (5) years from its date of issue or upon the member, or the member’s spouse, reaching sixty (60) years of age. Upon such expirations, the Associate Member shall convert to Active Equity status and if he or shall became an Associate Member prior to September 12, 2002, shall pay the remaining $25,000 fee which will include $5000 equity.

Note: Consideration of Membership is by invitation only by existing members.