The Board has introduced a new category of membership known as Senior Associate Member (SAM). It gives the Senior Associate Member membership privileges, but no shares or voting rights.
Members can become a SAM by transferring their shares to a child/offspring. This person will then be a full member of the club, and the former member will be registered as a Senior Associate Member.
The advantages of the scheme:
– it will bring more young members into the club;
– it will encourage continued family use of the club; and
– it will add to the attractiveness of being a member, which in turn, could influence the value of membership.
The requirements and benefits of Senior Associate Membership are as follows:
• Members must be a minimum of 55 years of age before being able to apply for Senior Associate Membership.
• Members can only apply for Senior Associate Membership after being a Member for a minimum of 15 years.
• Members who wish to become a Senior Associate Member can only pass their membership to a son or daughter, grandchild or sibling.
• SAM’s and their spouses will have the same privileges as members in terms of bookings, tariffs etc.
• Senior Associate Membership will not be transferable. However, in the event of a SAM’s death his/her spouse may continue to use the Clubs facilities at SAM rates.
• SAM’s will get the same accommodation rebate (if applicable) as members. • Children of a SAM who are
Associate Members but do not receive the membership from their parent, may retain Associate Membership (subject to AM rules).
• SAM’s will have no voting rights and will be ineligible for positions on the Board.
• Senior Associate Membership will terminate if the beneficiary of the transfer sells their shares, or if their membership is terminated.