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BY-LAWS And Rules

CHARLOTTE SWIM AND RACQUET CLUB, INC.

EXCERPTS FROM THE BY-LAWS And Rules

ARTICLE II: Section 1. The affairs of the Corporation shall be managed and directed by the Board of Directors…

ARTICLE II: Section 2. The number of Directors of the Corporation shall be eighteen, each of whom shall be Stockholders of this Corporation, or a spouse of a Stockholder of this Corporation…

ARTICLE II: Section 3. At each annual meeting of the Stockholders of the Corporation, the Successors of the class of Directors whose term shall expire at that year shall be elected by a ballot of the Stockholders as hereinafter provided for a term of three years. No member of the Board of Directors who served two consecutive full three-year terms shall be re-elected until after the expiration of one year.

ARTICLE II: Section 4. The Directors shall be elected at the annual or substitute annual meeting of the Stockholders…

ARTICLE IV: Section 1(b). Associate Membership is open to any person who has been a Regular Member in good standing of the Corporation for a period of eight years or more as of May 1 of the year in which application is made and who has no children under eighteen years of age as of May 1 of the year in which application is made and otherwise meets the requirements set forth in these By-Laws and as established from time to time by the Board of Directors for Associate Membership.

ARTICLE IV: Section 1(c). Individual Membership is open to individuals who are at least 21 years of age and have neither a spouse nor dependent children residing in their household and who shall be approved for membership by the Board and shall pay the dues and fees prescribed by the Board of Directors.

Persons meeting the requirements of individual membership who have not attained the age of 30 years may apply to become Young Adult (YA) members as set forth below in Section 4, Paragraph (f). 

 

ARTICLE IV: Section 2. All persons desiring Regular or Individual Membership in the Corporation shall be sponsored by a Regular or Individual Member and shall submit an application, in form satisfactory to the Membership Committee, along with the endorsement of two additional Regular, Individual or Associate Members. The Membership Committee shall from time to time submit to the Board of Directors the names of all applicants. The Board of Directors shall consider applicants from time to time as vacancies occur. In order to be approved for membership, the applicant must be approved by the Board of Directors.

ARTICLE IV: Section 3(b). All applicants for Regular Membership shall be required to subscribe and pay for one share of the no par value stock of the Corporation and shall be therefore $150. In addition, each new Regular Member shall also pay a non-refundable initiation fee of $1,250 and dues of $600 for the fiscal year during which he or she is admitted…

ARTICLE IV: Section 3(e). The Regular Member’s spouse and all of his or her dependents under 21 years of age shall have the use of the facilities of the Corporation without extra charge; provided, however, dependents over 21 years of age who are unmarried and are full-time students shall also have use of the facilities of the Corporation without extra charge.

ARTICLE IV: Section 4(f).  All applicants for Young Adult (YA) membership shall, after receiving approval of the Board of Directors as required in Section 2 hereof but before being admitted as a YA Member, be required to pay, on a non-refundable basis, one-half (1/2) of the amount of current initiation fee paid by Individual Members, plus full individual membership dues for the fiscal year such YA member is admitted, such membership dues to be prorated as set forth in Paragraph (b) above. Young Adult members shall not be required to pay for one share of the no par value stock of the Corporation, and, therefore, shall not have any voting rights. In all other respects, Young Adult Members shall have the same qualifications and privileges of Individual Members. Upon attaining the age of 30 years, the YA member shall pay, on a non-refundable basis, one-half of the current initiation fee paid by Individual Members, plus the current price for one share of the no par value stock of the Corporation.  Thereafter, the young adult member shall have same the same voting rights as an individual member. 

Should a YA member acquire a spouse or dependent child or children before attaining the age of 30 years (which shall sometimes be referred to herein as a “change in family status”), such YA member must immediately notify the Board and either (i) resign or (ii) pay the following fees and dues:

1.    One-half (1/2) of the current initiation fee paid by Regular Members; 

2.     The current price for one share of the no par value stock of the corporation; 

3.    A non-refundable fee in the amount of $100 to upgrade the Individual Membership to a Regular membership; and, 

4.    Commence payment of Regular Membership dues as set forth in Paragraph (e) above. 


Such YA member shall pay the prescribed fees and dues enumerated above in full during the next dues cycle.  Upon payment of the fees and dues within the prescribed period of time, the YA member shall have the same qualifications and privileges as Regular Members and shall be transferred to the Regular Member Registry as soon as a vacancy in the Regular Membership occurs.   

ARTICLE IV: Section 5(a). The Club shall have a total authorized Regular Membership of 380 Regular Members…

ARTICLE IV: Section 5(b). The Club shall have a total authorized Individual Membership of 25 Individual Members…

ARTICLE IV: Section 13. In the event of the infraction of the By-Laws or any Rule or Regulation of the Corporation or any conduct on the part of any member or dependent of a member of the Corporation which may tend to endanger the good order, welfare or character of the Corporation, the President, upon approval by a majority of the Board of Directors as fixed by these By-Laws, may, for such a period of time as it sees fit, suspend such offending member’s privileges, or may expel such member or dependent…

ARTICLE IV: Section 15(a). When any member, Regular, Individual, or Associate, shall be in default in the payment of dues for a period of one month from the beginning of the period for which such dues become payable, his or her membership may be terminated.

ARTICLE V: Section 2. The annual meeting of the Stockholders and members shall be held during the month of May…

ARTICLE XI: Section 1. The Board of Directors shall have authority from time to time to establish such rules as it deems fit regulating the use of the facilities of the Corporation, and the conduct of members while using the facilities, and such rules and regulations pertaining to the privileges of members having guests to use the facilities of the Corporation as it sees fit.