[SEC-SICD * CASE NO. 07-99-6349. June 30, 2000.]
GARDPRO, INC., complainant, vs. FOREST HILLS GOLF AND COUNTRY CLUB, INC., respondent.
By-laws; membership fees against replacement nominees. — The aforequoted by-laws provisions read altogether show that no new membership fees against new replacement nominees shall be paid by a regular corporate member. If the intention of the club is to collect membership fees against new replacement nominees, it should have been specifically provided in the by-laws. Even the provision on membership fees is silent on the collection of membership fees against new replacement nominees. It is however clear that the by-laws only provided for transfer fees for every change in the designated nominee. THADEI
D E C I S I O N
Defendant Forest Hills Golf and Country Club, Inc. (hereinafter referred to as the Club) is a non-profit stock corporation incorporated on June 29, 1995 to promote the social, recreational and athletic activities among its members, the main objective and undertaking of which will be the construction and maintenance of a golf course, tennis courts, swimming pools, and other...
