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manner, generally estimated not to exceed 45 days from the time the application is received by the Secretary-Treasurer. (g) After approval of the membership application, and after purchase of a Lot at Kenosha Trout Club, the new Owner(s) shall be subject to the rights duties, privileges, limita- tions, restrictions and obligations of inembership under these Bylaws as now adopted or as hereafter amended, including the obligation to pay, when due, all Membership Dues levied by the Club. The Owner(s) shall designate a Voting Member to act on behalf of tfie Owner(s) of the lot on all issues presented to the membership. Section 3.5 New Members. New members shall upon enrollment be obligated to pay, in addition to the Membership Fee, all Membership Dues levied by the Club for the current year which become due and payable, as prorated from the date of acceptance of the application. Section 3.6 Termination. Membership in the Kenosha Trout Club shall terminate only upon the sale or transfer of ownership of an Owner's Lot or Lots within the Community. Section 3.7 Membership Fees. A Membership Fee shall mean and refer to a charge paid by the purchaser upon application for membership, the amount and payment of which shall be determined by the Board of Directors. A Membership Fee shall be paid for each Lot purchased subject to the following exceptions: (a) Current Members who wish to exchange a Lot which they currently own for a ne�v Lot within the Kenosha Trout Club shall be entitled to a refund of the Membership Fee for the new Lot if the old Lot is sold within one (1) year or such other time as agreed to by the Board of Directors. The Club shall hold the payment of the Membership Fee from a Member seeking io exchange a Lot in a separate account (without interest) for a period of one (1) year or such longer time as approved by the Board. If the old Lot is not sold within the agreed upon time frame, the Club shall retain the Membership Fee for the new Lot. (b) Transfers by will, gift, devise, or intestacy to members of the Owners' family (related by blood or marriage) or to a family trust shall be exempt from the payment of a Membership Fee. Transfers by will, gift, or devise to any non-related person or entity are stron�ly discouraged. Owners are encouraged to obtain Board approval for any transfers by will, gift or devise to non-family members or family trusts upon placing such provisions in a will, codicil or trust document. Any transfers by will, gift, or devise to non-family members or to entities other than a family trust, shall be subject to approval of a membership application and payment of a Membership Fee. ARTICLE 4. MEETINGS OF MEMBERS Section 4.1 Annual Meetines. An annual meeting of the Members shall be held during each of the Club's fiscal years, at such time of the year and date as determined by the Board and set forth in the notice of the meeting. At these meetings, the Directors shall be elected by ballot �- 4 W:\CLIEN'I1Kenosha Trout Club\Bylaws, Am & Res - Final.wpd January 26.2000