Motions re: Membership Committee Report

 

The Membership committee, consisting of  P.C.’s Berger, Stone, Tabak,  Harwood and Meranus, presented the following recommendations and motions regarding the membership programs now being utilized by the Club.  These were all approved unanimously by the GSYC Board:

 

1) For 2007, the members who joined under the 2006 legacy program will continue to pay no dues and ½ tab. However, the board is committed to establishing a dues structure for legacy members for the year 2008, which will not be less then 10% of the full dues. Class B stock purchase will begin in 2007.

 

2) The over-50 program will be as follows:

         a)  First year dues to be ½ the required dues, full dues to be paid thereafter

         b)  Initiation fee to be paid over 5 year period starting in the 2^nd year.

         c)  Full Tab Payment.

         d)  Dock slip, if desired, included for 5 years if available

         e)  Class “B” Stock payment to be paid over 5 year period starting in the 2^nd year. Class “B” stock may be converted to Class “A” stock when the member begins paying full dues. The member then has the right to prepay the amount that is due for stock & initiation fee, in order to convert to Class “A” stock.

         f)  Limit to first 10 couples  

 

3)    The under-50 program will be as follows:

a)     One Half (1/2) dues until the age of 50 is attained. (by either member)

b)    The ½ dues includes a dock space if desired & available

c)     One half (1/2) tab fee.

d)    Initiation fee to be paid over five year period.

e)     Stock payment (Class B) to be paid over a five year period, starting in year 2. The class B stock can be converted to Class A stock when the member begins to pay full dues after the age of 50.  The stock may be converted to Class A stock if the member chooses to begin paying full dues and prepay the balance of the stock & initiation fee that is due.

 

4) Class A stock: Members who have fully paid their dues, initiation fee, if applicable, and stock subscription, shall be issued Class A shares of capital stock in the corporation.  Class A stockholders shall have full voting and equity rights in the Corporation, except as set forth in the following subsection of this resolution.

“On all issues involving dissolution of the Corporation and/or the sale of its real estate and assets, a member must be a Class A stockholder as of May 15 of the year preceding the year in which such issues are voted upon by the membership of the Corporation in order to vote.”

    

5) Class B stock is a non-equity stock.  It may be voting or non-voting stock.  It becomes a voting stock only when the member begins to pay either full or partial dues.