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Membership Transfer Agreement by rwt15652

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									       INDIVIDUAL DEBENTURE MEMBERSHIP SELLING AGREEMENT




I, ____________________________________, membership number ______________
                 (name)

wish to transfer my Individual Debenture Membership and understand the terms and
conditions as stated in Article 3.11 of the Club’s Articles of Association in relation to the
transfer of Individual Debenture Memberships.


I wish to set my selling price *excluding* / *including* a transfer fee equal to an Ordinary
married membership at the time of successful of transfer of HK$___________________.
*Furthermore, I wish to set the following conditions for transferring this membership:


_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________


I understand that once the transfer has been completed, I need to return * my*, *and
my family* *and my nominated partner’s*, membership card(s) and the Individual
Debenture Membership certificate to the Club; the Club will then issue a cheque to me
in the amount of my agreed selling price *after deducting the transfer fee equal to an
Ordinary married membership at the time of successful of transfer*. At that time, my
membership as an Individual Debenture Member will cease.




Signature: _______________________________                        Date: _____________________

* delete whichever is inappropriate


                          ROYAL HONG KONG YACHT CLUB                香港遊艇會
                                Kellett Island, Causeway Bay, Hong Kong
              Tel: (852) 2239-0372 Fax: (852) 2239-0399 email: membership@rhkyc.org.hk




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Article 3.11
3.11     Individual Debenture Members
         (A)    Any person who meets the admission requirements set out in Article 4.7 and the
                following provisions of this Article may be admitted as an Individual Debenture
                Member of the Club on payment of such sum as may from time to time be determined
                by the General Committee.
         (B)    The maximum number of Individual Debenture Members shall be 200 or such number
                as may from time to time be determined by ordinary resolution of the Club.
         (C)    An Individual Debenture Member who is married shall have the right to nominate his
                spouse and children under the age of 20 to use the facilities of the Club. In the event
                of a married Individual Debenture Member divorcing and re-marrying, he shall have
                the right to nominate his new spouse and children under the age of 20 to use the
                facilities of the Club in place of his previous spouse and children, subject to
                compliance with the regulations of the Club and payment of such fee as shall from
                time to time be determined by the General Committee. If an Individual Debenture
                Member is not married, he shall have the right to nominate a partner who is not
                married to use the facilities of the Club and to change such nomination from time to
                time, subject to compliance with the regulations of the Club and payment of such fee
                as shall from time to time be determined by the General Committee provided that the
                Membership Committee may in its sole discretion by written notice to the Individual
                Debenture Member require any person nominated as a nominated partner to attend
                an interview with the Membership Committee to consider whether he is a fit and
                proper person before allowing that person to use the facilities of the Club as a
                nominated partner of that Individual Debenture Member. All regulations of the Club
                shall apply to an Individual Debenture Member, his spouse and children and to any
                nominated partner of such Individual Debenture Member except as stated otherwise
                in these Articles or other regulations of the Club.
         (D)    An Individual Debenture Member shall pay the same monthly subscription, building
                levy and minimum food and beverage charges as a married Ordinary Member.
                Individual Debenture Members shall not be entitled to vote at any General Meeting.
                Individual Debenture Members shall be eligible to join any appointed Committee of
                the Club but shall not be eligible for election to the General, Membership, Rowing or
                Sailing Committee nor to any office of the Club. Individual Debenture Members shall
                not be entitled to propose or second applications for membership of the Club.
                Individual Debenture Members may volunteer to participate in the organization of
                sailing or rowing events but shall not be required to do so.
         (E)    At any time after 3 years of becoming an Individual Debenture Member, an Individual
                Debenture Member may transfer his membership to another person who meets the
                admission requirements set out in Article 4.7, subject to the following provisions of
                this Article and upon payment to the Club of a transfer fee equivalent to the then
                current entrance fee for a married Ordinary Member. Unless from time to time
                determine otherwise by the General Committee, the following provisions shall apply in
                relation to transfers of Individual Debenture Memberships:-
                (i)      the Club shall act as the sole clearing house for the transfer of Individual
                         Debenture Memberships and no transfers through agents will be permitted;
                (ii)     any Individual Debenture Member who has been an Individual Debenture
                         Member for at least 3 years wishing to transfer his membership shall apply in
                         writing to the Club setting out his offer price and any other transfer terms;
                (iii)    the Club shall publish on its web site the terms of all offers to buy and sell
                         Individual Debenture Memberships but shall not publish the names of the
                         proposed transferors and transferees;
                (iv) upon an offer to buy and sell being matched, the proposed transferor and
                         transferee will be notified by the Club and the proposed transferee will be
                         invited to submit a written application for membership and attend an interview
                         with the Membership Committee;




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                 (v)    if the proposed transferee is elected by the Membership Committee, the
                        transfer procedures shall then be completed in accordance with the regulations
                        of the Club;
                 (vi) the General Committee shall have discretion to waive the requirement to have
                        been an Individual Debenture Member for at least 3 years before transferring
                        an Individual Debenture Membership in exceptional circumstances such as
                        death.
         (F)     An Individual Debenture Member who has been an Individual Debenture Member for
                 at least 3 years may apply to become an Ordinary Member in his own right and, if
                 elected as an Ordinary Member, shall apply to transfer his membership in accordance
                 with Article 3.11(E). All the provisions of these Articles relating to an application for
                 Ordinary Membership of the Club shall apply, save that the entrance fee, monthly
                 subscription and other payments due in his capacity as an Ordinary Member shall
                 only become payable and his rights and obligations as an Ordinary Member shall only
                 have effect once his Individual Debenture Membership has been transferred.
         (G)     The spouse, child or nominated partner of an Individual Debenture Member may
                 apply to become a Member in another category of membership at any time. Subject
                 to the provisions of Article 4.2, a child of any Individual Debenture Member who
                                                                                  th
                 wishes to continue using the facilities of the Club after his 20 birthday may only do
                 so if he is admitted as a Member in his own right.
         (H)     All rights and privileges of an Individual Debenture Member, his spouse, children
                 and/or nominated partner (except for those of any of them who by then have become
                 Members in their own right) including the right of the Individual Debenture Member to
                 transfer his Individual Debenture Membership shall cease upon such Individual
                 Debenture Member becoming bankrupt.
         (I)     For the avoidance of doubt, all the provisions of these Articles in relation to the
                 suspension and expulsion of Members shall apply to an Individual Debenture
                 Member and for these purposes the acts and behaviour of an Individual Debenture
                 Member’s spouse, children and/or nominated partner shall be attributed to that
                 Individual Debenture Member.
         (J)     Following the death of an Individual Debenture Member, the Individual Debenture
                 Membership shall pass to the beneficiary named in the Individual Debenture
                 Member’s will or the person entitled under the intestacy laws, subject to such person
                 meeting the admission requirements set out in Article 4.7 and, in the case of death of
                 the original Individual Debenture Member, upon payment to the Club of an
                 administration fee in such amount as the General Committee shall determine from
                 time to time. Following the death of a subsequent Individual Debenture Member, the
                 transfer to the beneficiary will be subject to payment of a transfer fee equivalent to the
                 then current entrance fee for a married Ordinary Member.
         (K)     In the event of an Individual Debenture Member losing his certificate of membership,
                 he may obtain a replacement certificate by applying in writing to the Membership
                 Manager and upon payment of an administration fee as the General Committee shall
                 determine from time to time.




June 2010




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