(a) Resignation or Death of Proprietary Member – A Proprietary Member desiring to resign must deliver to the Membership & Auction Committee his Proprietary Membership Fee Certificate together with his letter of resignation. The Board shall direct that the Certificate be sold at auction by the Membership and Auction Committee in accordance with the provisions of Sec. 3 hereof. After the sale, the name of the successful bidder shall be posted for at least 30 days prior to submitting his name for election by the Board. The membership of the former owner ends upon the bidder’s election to membership.
In the event of death of a Proprietary Member, his Membership Fee Certificate may, with the approval of the Board of Directors, be acquired by any of the exclusive heirs of the deceased (who must be above 21 years of age; or if below 21 years old, must have been assisted by a legal guardian duly appointed by the Court for the purpose) as designated or agreed upon by said heirs, Provided that if said heirs fail to so designate or agree within three months as to who shall succeed to the Proprietary Membership Fee Certificate of the deceased the rights of the certificate shall be auctioned in the same manner as a resigning member, Provided further that pending such designation the deceased’s membership certificate is not entitled to a vote, Provided lastly, that the members of his family alluded to in Par. 7 hereof may still enjoy the privileges guaranteed by said section so long as said family members are all above 21 and below 26 (if male, or 35 if female) years of age, or if minor, assisted by a judicial guardian.
(b) Transfer of Certificate by Proprietary Member – The transfer, sale or cessation or assignment of Membership Fee Certificates shall be valid and recognized by the Club, upon completion of all the following requisites: (1) The owner or transferee thereof shall deliver to the Membership Committee his Certificate duly endorsed to the assignee or transferee, (2) The transferee’s name will then be posted for at least 30 days; (3) after the posting and making certain that the member has paid in full all his accounts with the Club, the Membership and Auction Committee shall submit the transfer to the Board for the election of the transferee. The transfer, sale, cession or assignment shall become valid and effective, and the membership of the transferee begins and that of the transferor terminates, only on the date the same is approved and the transferee is elected by the Board. A new certificate shall be issued in the name of the new owner on the basis of the old certificate, duly endorsed by the transferor, provided that lost certificate shall not be transferred unless the fact of such loss shall have been first established under the procedure provided in Sec. 32 hereof, after which the membership fee certificate, even if subsequently presented, shall be deemed cancelled and void, and a new certificate may be issued to the transferor, or to the transferee upon the latter’s election.