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Membership Stock Policies

Bayside Swimming Club Stock Sale, Stock Transfer and Payment Policies

This page provides general information and links to the forms required to sell or transfer stock.

When you become a member of Bayside Swimming Club, you purchase a share of stock in the club. Those who no longer wish to be members must sell their stock back to the club so that their share can be sold to the next person on the waiting list. Under certain circumstances, stock can be transferred directly to another party rather than sold back to the club.

All members are contacted in January of each year. At that time, they must choose to be an active member, an inactive member, or sell their stock. Those choosing to sell their stock will be contacted by the membership chairperson.

Stock sales typically take place between January and April of each year. The member sells their stock back to the club. That membership share is then offered to the next person on the waiting list. The goal is to complete all stock transactions before the start of the annual swimming season.

There are no stock transactions from May 1 to September 30.

To Sell Your Stock in Bayside Swimming Club: Those who have informed the membership chair that they plan to sell their stock must then complete a Consent to Sell form and return it to the address shown on the form. This form must be completed by the original owner(s) as listed on the stock certificate. Upon the sale of the stock to a new member, the seller will receive an amount equal to the current value of the stock less a $50 transaction fee.

You must turn in your original stock certificate (signed over to Bayside Swimming Club on the reverse side) before you will receive payment.

If you have lost your stock certificate, you will need to complete a Lost Stock Form. That form must be completed by all parties listed on the original stock certificate, and notarized.

To Buy Stock in Bayside Swimming Club: Those accepting membership will be invoiced an amount equal to the current value of the stock, plus a $50 transaction fee, plus the annual membership fee. Upon payment, the new member will be issued a stock certificate for one share of ownership in Bayside Swimming Club.

To Transfer Stock: In certain circumstances, stock ownership can be transferred directly rather than having to be sold back to Bayside Swimming Club for subsequent sale to the next person on the waiting list:

  • Stock ownership can be transferred to a son or daughter.
  • In the event of divorce or dissolution of domestic partnership or the death of a family member, the former joint stock ownership can be transferred to one former spouse/domestic partner who shall retain membership.
  • Owners of stock designated as "Old Stock Certificates" (purchased prior to December 31, 1975) have the option of transferring the ownership of stock to the purchaser of their home. Upon such transfer, the stock will no longer be classified as an "Old Stock Certificate."

Those transferring stock under any of these circumstances must complete a Stock Transfer Form and return it along with supporting documentation (such as a copy of a death certificate, a copy of the pertinent pages of a divorce settlement, or a notarized letter showing consent from the parties foregoing ownership) and their original stock certificate to the address shown on the form. Upon receipt of these materials, a new stock certificate will be issued in the name(s) of the new parties.

If you have lost your stock certificate, you will need to complete a Lost Stock Form. That form must be completed by all parties listed on the original stock certificate, and notarized.

With the exception of transactions due to the divorce, dissolution of domestic partnership, or death of a member, stock transfers will be subject to a single $50 stock transfer fee.


Members are advised to refer to the Bayside Swimming Club Bylaws and the Standing Rules and Procedures for additional stock transaction policies.

Remember that those choosing to be active or inactive for the year then receive an electronic invoice for their annual membership fees. Membership statements are sent to the primary member contact email address. For that reason, members must ensure that the club has their most up-to-date contact information. Members can update their contact information at any time by visiting their personal membership information page. (Note that those on the waiting list can use this same link to update their contact information and check their current waiting list status at any time.)

Fees are due by the date shown on the invoice. Payments received after that date are subject to a $50 late payment fee for each month they are past due. Payments may be made by check, direct electronic bank transfer, or by credit card. An additional fee will be added for those wishing to pay by credit card to cover the transaction fees charged by the credit card processors.

For more information regarding stock sales and transfers, please contact Dan Stockwell, Membership Chair via email or call him at 671-9419.

    Website designed by David Cohn

 Updated:   04/05/2017

 

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