New Member Trade Process

Sellers
Members wishing to sell their memberships are asked to complete a Selling Member Acknowledgement form and deliver it to Whitevale Golf Club in a sealed envelope. As the envelopes are received by the Membership Committee, the Seller will be added to the "Sellers List".

Purchasers
Potential Purchasers who have been approved for membership will be asked to complete a membership bid form and deliver it to Whitevale Golf Club in a sealed envelope. A deposit in the amount of $1,000 must accompany the sealed bid. When the envelope and deposit is received by the Membership Committee, the Potential Purchaser will be added to the "Purchasers List".

The Process
The matching process will take place between the Seller and the Purchaser. The Membership Committee will:

• open the first Seller's envelope to determine the asking price.
• open the Purchasers' envelopes, in order, until they come to a price that is equal to or greater than the asking price.

The membership will be transferred at the bidding price.

For each sale, if no match is made with a Purchaser, the Purchaser will maintain their position on their original list.

If no match is made between a Seller and any member of the Purchasers List:

• the Seller will be advised and the Seller's name will be placed at the bottom of the Sellers List
• the next Seller's envelope will be opened
• the process will continue until a match is made.

The purchaser will have 7 days to deliver a certified cheque for the balance of the purchase price to the Club. At the same time, he or she must also remit the initiation fee, either in one full payment, or the first of three annual instalments, plus GST. The proceeds will then be remitted to the Seller. The Purchaser will be allocated C playing privileges.

During that 7-day period, the remaining people on both the Purchasers List and the Sellers List will be advised of the transfer price of the last three transactions and will be given an opportunity to submit a revised bid.

If the Purchaser fails to deliver the balance of the purchase price within 7 days after the notification of the match, the Purchaser's deposit will be forfeited and the Seller will be returned to the top of the Seller's List and the process will be repeated.

If a potential Purchaser wishes to have their name removed from the Purchaser's List, the deposit will be refunded.