Revision: March 24, 2003
Article I – Name and Purpose
The Abacus 21 Country Club ("the Club") incorporated April 1, 1981, as a corporation not for profit, under the laws of New York, shall continue under that name and charter for the purpose of owning and maintaining a Golf and Country Club to promote, by athletic and social activities, the health, pleasure and enjoyment of its members, their families and their friends.
Article II – Capital Stock
The capital stock of the Club shall be Thirty Thousand Dollars ($130,000.00) divided into three hundred shares, each with the par value of One Hundred Dollars ($100.00). One share only shall be issued to each new regular member subject to Article III of this Constitution.
When a member terminates his/her membership in the Club, the member’s share of stock will be redeemed by the Club within 30 days of termination at a value to be determined by the Board of Governors ("the Board"), but in no event more than par value. Should a former shareholding member, upon notice, fail to surrender the share within the thirty day period, the share will become void. The value of the share will then be placed in escrow with the Treasurer of the Club for a period of six months in the name of the former member without interest. At the end of the six month period, the amount held in escrow will revert to the Club.
Article III – Membership
The membership of this Club shall be divided into twelve classes. Three of the original classes were closed in 1996. The Board, in exercise of its discretion, may limit the membership of any class, eliminate, close, or create new classes of non-shareholding membership.
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The current classes of membership are as follows:
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Regular –voting shareholder
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Junior
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Ladies, classification A and B (closed, 1996)
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Intermediate
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Senior Golf –voting shareholder
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Honorary Life (closed, 1996) – voting shareholder
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Non-resident
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Clergy (closed, 1996)
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Social
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Golfer awaiting stock
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Senior
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Surviving spouse |
