Sales & Leases, Dues & Fees
1. WAITING LIST DEPOSIT:
Prospective members desiring to purchase a share in the Vienna Aquatic Club (VAC) are required to pay a deposit to be placed on VAC’s share waiting list. This deposit will be applied tothe cost of a share when purchased. Prospective members who subsequently decline to buy a share will forfeit that deposit. There will be no exceptions to this policy. There is no depositrequired to be placed on VAC’s waiting list to lease a share.
2. DUES ARE TO BE PAID BY MARCH 15:
Bills are sent out at least one month before they are due. The dues notice will also be posted to website (www.viennaaquaticclub.com) and may be downloaded and remitted with payment.
3. NAME, ADDRESS, MARITAL STATUS CHANGES:
Members are responsible for updating mailing address/contact information. This can be accomplished by sending a change of address notice to P.O. Box 55, Vienna, VA 22183. If the share ownership changes due to divorce, VAC needs documentation from the divorce decree to establish the revised ownership. A new certificate will be issued to the owner. The death of a share owner must also be reported to VAC in a timely manner to allow for updating VAC records and issuance of a new certificate.
4 LATE FEES:
Members who have not paid their dues by March 15 will be assessed a late fee. After payment of dues, members may notify the VAC Membership Chairman of their desire either to lease orsell their share, and the VAC Membership Chairman will attempt to lease or sell their share. Members will receive a full refund of dues paid if their share is leased or sold before the pool opens and a pro rata portion of the dues paid if their share is leased or sold after the pool opens. However, any late fees will remain and will be withheld from any refund of dues.
VAC will attempt to contact members who have not paid their dues by April 15. A member will be considered to have been contacted if personal or telephone contact has been made or if First Class or Registered mail has not been returned by the Post Office, VAC need not contactthe member a second time to provide separate notice of a pending sale to VAC.
5. NON-PAYMENT OF ANNUAL DUES:
If a member has not submitted their dues (and applicable late fee) by April 15, the Board of Directors, consistent with Article I, Paragraph 6 of VAC’s Bylaws, may sell the share. The member will receive the market value of the share at the time of sale minus any amounts owed to VAC, including late fees and fees to replace the certificate. For this purpose, market value is the price at which a share of VAC stock is being sold by the VAC Membership Chairman.
An exception to sale of the share occurs if VAC is unsuccessful in contacting a member by April 15. In such cases, the member’s share may be leased for the pool season without theconsent of the member. The member will be liable for the late fee, and if the term of the leaseis for less than the entire pool year, an appropriate portion of the annual dues. Subsequently, and at its discretion, the VAC board may initiate the sale of the share. The member whose share is sold will be liable for late fees, any portion of annual dues, and any other amounts owed VAC. Since the member cannot be contacted, no payment of funds will be made to themember at the time of sale. Upon subsequent written request by the prior member (the memberwho could not be contacted), VAC will pay the prior member the amount the share was sold for,minus any amounts owed to VAC at the time of the sale.
In accordance with Article I, Paragraph 5.a. of VAC’s Bylaws, members desiring to sell their share must offer their share for sale at market value. All sales will be processed by the VAC Membership Chairman and buyers will be contacted from the VAC waiting list. The Membership Chairman will give the first person on the waiting list the first opportunity to purchase a VACmember’s share offered for sale. If there is no one on the waiting list, VAC will not purchase the share, but rather the sale will proceed when a buyer is found.
In accordance with Article 1, Paragraph 5.a, VAC will give preferential consideration to thetransfer of a share by a stockholder in conjunction with the sale of their house. In suchinstances the buyer will not have to be placed on the VAC waiting list to be able to buy the VAC member’s share. However, the selling VAC member must notify the VAC Membership Chairman inwriting of the name, address, and phone number of the party to whom they wish to sell their share.
Direct sales/transfers are permitted provided they are approved by the Board of Directors. Direct sales/transfers are those where the member finds a prospective member and agrees to sell/transfer their share for whatever value the two parties agree upon. Direct sales/transfers will be approved only when the VAC Membership Chairman has no waiting list, VAC does not purchase the share, and the sale/transfer price does not exceed the prevailing selling price at that time.
VAC will not honor the unauthorized sale/transfer of a member’s share, including the sale or transfer of a share with a member’s home. An unauthorized sale/transfer is theselling/transferring of a member’s share without (a) the approval of the Board of Directors or (b) the VAC Membership Chairman acting as the broker for the sale/transfer. The only exception to this policy is the sale/transfer by an executor or administrator in accordance withArticle I, Paragraph 5.b. of VAC’s Bylaws.
VAC members desiring to have their share leased must notify the VAC Membership Chairman inwriting. Separate written notification must be submitted each year in which a member desires their share to be leased. Requests to lease a member’s share for a multi-year period or until further notice may not be honored. All leases will be processed by the VAC MembershipChairman and will come from the VAC lease waiting list. The Membership Chairman will give the first person on the lease waiting list the first opportunity to lease a VAC member’s share offered for lease. VAC members remain liable for all dues and fees not paid by lessees.
VAC members who rent their home may lease their share to the party renting their home In such instances, the party renting the VAC member’s home will not have to be placed on the VACwaiting list in order to be able to lease the VAC member’s share. Such a party, however, will be required to pay the same lease fee as any other prospective lessee. The VAC member must notify the VAC Membership Chairman in writing of the name, address, and phone number of theparty to whom they wish to lease their share. Such leases must be approved by VAC.
Direct leases that do not involve a tenant-landlord relationship are permitted provided they areapproved by the Board of Directors. Direct leases may be approved when no lease waiting list exists. Upon approval by the Board, a VAC member will be permitted to locate a prospective lessee. The VAC member must notify the VAC Membership Chairman in writing of the name, address and phone number of the party to whom they wish to lease their share. In a directlease, the lease fee may be any amount agreed upon between the parties involved provided it (1) is not less than the prevailing amount of VAC annual dues at the time and (2) does not exceed the prevailing VAC lease rate at that time.
The unauthorized leasing by a member will not be honored by the VAC Board of Directors. Unauthorized leasing occurs when the member leases their share to another party without (a) the approval of the VAC Board of Directors or (b) the VAC Membership Chairman acting as a broker for the transaction.
8. SURRENDER OF STOCK UPON SALE/TRANSFER:
VAC members must surrender their stock certificate to VAC on the sale or transfer of their share. If the stock certificate is lost or otherwise not surrendered, a stock certificate cancellation fee will be assessed. If not paid prior to the sale of a VAC member’s stock, this cancellation fee will be deducted by VAC prior to the remittance of any proceeds from a sale.In instances involving direct sales/transfers or the sale/transfer in conjunction with the saleof a VAC member’s house, this cancellation fee must be paid by the seller prior to VAC approval of the sale/transfer.
9. ESTABLISHMENT OF FEES:
The following amounts shall be established annually by the VAC Board of Directors: waiting list deposit, membership dues, late fee, the lease fee, sales price of VAC stock, stock certificate cancellation fee, and guest fees. It is VAC policy that lease fees be established at an amount which is at least $100 greater than the amount for annual membership dues.
Revised January 8, 2009