New Rule 10(ii)(b) – Conditional Concessionary Transfer Fee For Ordinary Members
10 Jul, 2017

Effective Monday, 6 February 2017, the new Rule 10(ii)(b) has been approved by the Registry of Societies (ROS).

Applying Rule 10(ii)(b), the General Committee determines an Ordinary Member, who is at least 70 years old, may make a one-time transfer of his/her Ordinary Membership to his/her child at a concessionary transfer fee of $5,000 (before GST), subject to the approval of the General Committee.

Please refer to Rule 10. Ordinary Members below, effective 6 February 2017, which supercedes the said Rule on Pages 9 and 10 of the Club’s Rules 12th edition 2016.

Rule 10. ORDINARY MEMBERS (effective 6 February, 2017)

(i) Subject to the approval of the General Committee and on payment of the transfer fee as set out hereunder an Ordinary Member may transfer his membership to any person.

(ii) The transfer fee for the transfer of Ordinary Membership shall be determined by the General Committee in its absolute discretion from time to time.

Provided that:
(a) where the transferor is an Ordinary Member, a Patron, an Honorary Member, Subscribing Member (Category A) or Subscribing Member (Category B) who has since converted to Ordinary Membership pursuant to these Rules, and the transferee is the spouse or child of the said transferor, the transfer fee shall not exceed one-fifth of the Entrance Fee payable by an Ordinary Member at the time the said transferor was admitted as such a member; and

(b) where the transferor is an Ordinary Member at or above an age to be determined by the General Committee, and the transferee is a child of the said transferor, a transfer fee at a concessionary rate may be determined by the General Committee in its absolute discretion from time to time (including the imposition of limitations such as, but not limited to, the concessionary transfer fee being applicable on a once-off basis, which is reset upon the occurrence of the full transfer fee being paid pursuant to Rule 10(ii) above).