4.7 Transfer of Membership
This Policy should be read in conjunction with By-law No. 1. All capitalized terms not defined in By-law No. 1 shall have the meanings set forth in this Policy. Note that the former Family Membership Transfer Policy has been incorporated in this Policy, as set out below – “Transfers Between Immediate Family Members”.
The Membership Committee is responsible for the administration of the membership transfer process in accordance with By-Law No. 1 and this Policy. The General Manager is responsible for all operational aspects of membership transfers. All membership transfers shall follow the process outlined in in this policy; no private transfers may occur.
Sellers
An Equity Member wishing to transfer their membership (a “Selling Member”) shall provide notice to the General Manager of the Selling Member’s desire to transfer their membership by completing the Selling Member Acknowledgement Form (click here and print) including the price (the “Ask Price”) at which they are prepared to transfer their membership.
The General Manager shall maintain a known as the “List of Sellers” and will place the new Seller’s name at the bottom of the List of Sellers and notify the Membership Committee of such addition to the List of Sellers. Sellers may alter their Ask Price at any time and not lose their placement on the list, providing their new price is not below the Minimum Bid Price. Providing no match has occurred, a Seller may also remove their name from the list at any time.
Purchasers
An individual wishing to purchase an Equity membership must complete a Membership Application form (click here and print), including a bid price at or above the then current Minimum Bid Price, (the “Bid Price”) and a biography, and submit it and a non-refundable deposit to the General Manager.
The General Manager shall maintain a list known as the “List of Purchasers” and will place each new Purchaser’s name at the bottom of the List of Purchasers and notify the Membership Committee of such addition to the List of Purchasers, together with the Bid Price. Purchasers may alter their Bid Price at any time and not lose their placement on the list or they may withdraw their application, providing in either case that no match has occurred.
Most Recent Selling Prices
Prior to submitting their Ask Price or Bid Price, Sellers and Purchasers are informed of the three most recent selling prices. The General Manager may act as an adviser to both Sellers and Purchasers in the interest of identifying mutually satisfactory transfer prices but shall not divulge the specific Ask or Bid Price of any named prior or current Seller or Purchaser.
Confidentiality of Ask Prices and Bid Prices
No individual, other than the members of the Membership Committee and the President of the Club, shall be informed of the Ask Price or the Bid Price of any Seller or Purchaser.
The Match Process
Upon receipt of a completed application from a Purchaser, the match process begins. The General Manager shall review the first name on the List of Sellers. If the Ask Price of the first name on the list is at or lower than the Bid Price, a match is made, utilizing the Bid Price. If the Ask Price of the first name on such list is higher than the Bid Price, the General Manager shall contact the first name on the list to determine whether they will accept such Bid Price. If they decline to do so, the General Manager will submit the Bid Price to the second name on the List of Sellers. This process will continue with all Sellers on such list until either a match is made or no match is made.
If a match is made, the Seller's name shall be removed from the List of Sellers and all other Sellers below that individual shall move up one spot on the List of Sellers. If no match is made, the Purchaser is informed that no match was made and given the option to increase their Bid Price; if they increase their Bid Price, the process shall be repeated, starting with the first name on the List of Sellers.
In the event that there are no memberships for sale that can be matched to applications, the match process is initiated each time a Bid or Ask Price is changed or a new Selling Member Acknowledgement Form is received and shall follow the process set forth in the immediately preceding paragraph, by selecting the first Purchaser on the List of Purchasers and compare their Bid Price to each Seller’s Ask Price, starting with the first name on the List of Sellers and continuing through the List of Sellers until a match occurs. If no match occurs, the the process shall be repeated, starting with the next name on the List of Purchasers, until the list of Purchasers is exhausted.
Completing the Transfer
Notice of a match is given promptly to the Membership Committee, and after its approval, notice of the match is given to both the Purchaser and the Seller. The Purchaser is normally given 7 business days to provide the funds and complete the purchase, at the discretion of the General Manager. Should a transfer not be completed successfully, the Seller is restored to the same position on the List of Sellers and the Purchaser’s deposit is forfeited to the Club. Upon successful completion of a transfer, all pending Sellers and Purchasers are notified electronically of the selling price. Each has the option of changing their Ask or Bid price, should they wish.
Expired Sellers
A membership shall remain on the List of Sellers for 12 consecutive months. After such time and provided the Seller has not removed the membership from the List of Sellers, the Seller’s application shall be marked “expired”. When the next application to purchase a membership is received, if a match is found, then each Expired Seller with an Ask Price above the match will be asked (in turn) via email to accept the bid price or be removed from the List of Sellers. The Expired Seller will then have 24 hours to accept or decline the match.
Priority for Spouses/Partners and Intermediate Associate Members
Notwithstanding any other provision of this Policy, when a Spouse/Partner or an Intermediate Associate Member submits a Membership Application form (click here and print), including a Bid Price, such application shall be placed at the top of the List of Purchasers and shall follow the Match Process set forth above.
Transfers Between Immediate Family Members
Transfers of memberships, including a transfer resulting from the death of an Equity Member (as set forth in Section 3.4(a)(i) of By-law No. 1), are permitted to occur between Immediate Family Members without being subject to the provisions of this policy; provided however, such transfers shall be subject to the approval of the Board of Directors and subject to payment to the Corporation of the “Administration Fee” to be determined by the Board of Directors from time to time. Upon completion of the transfer, the transferee will become a full Equity Member and will be subject to the same obligations and rules as any other new Equity Member would upon purchasing a membership and joining the Club, with the exception that the membership may not be transferred back to the Immediate Family Member again in the same calendar year.
Membership Transfers
A membership transfer, including a family transfer, shall not include a transfer of playing category. A playing category shall be assigned to the purchaser/family transferee according to availability.
Definitions:
“Immediate Family Member” means a person who is related to an Equity Member by virtue of being that Member’s father, mother, brother, sister, Spouse/Partner, daughter, son, daughter-in-law, son-in-law, stepdaughter, stepson, legal guardian, grandfather, grandmother, grandson, granddaughter, uncle, aunt, nephew or niece; provided such person also is an existing Associate Member in good standing or a person who has been approved for admission as a new Equity Member of Whitevale Golf Club.
“Minimum Bid Price” is such amount as determined by the Board of Directors from time to time and shall be advised to a Purchaser prior to submission of such Purchaser’s Membership Application form.
“Spouse/Partner” means a person who is married to or lives in a long-term, committed relationship with an Equity or Associate Member.
Revised December 2, 2024