smsc.ca

(adopted November 25, 2010)

It is resolved that:

1. The 2011 annual standard membership fees (exclusive of the required HST) are as follows:

Individual Member: $451.00
Family Member: $522.50

2. Discounts are provided for the following categories resulting in the following fees (exclusive of the required HST):

3. Membership fees that are paid by April 15, 2011 shall qualify for a 10% discount.

4. Membership fees that are paid after April 15, 2011 shall not qualify for a discount.

5. Membership fees are due no later than June 1, 2011 after which the member shall be suspended as per by-law 6 (d).

6. The board of directors are granted the right to offer promotional first-year or late-in-year discounts not exceeding 50% off usual rates to acquire new members only. Existing and past members are excluded.

7. A 30-year bond purchase of $500 (at zero interest) is required for all new members (except Intermediate and Junior categories and other categories when the oldest individual is under 30 – bond purchase is required for all members at age 30). Payments can be deferred over three years by providing post-dated cheques for $150 (January 1, 2012), $150 (January 1, 2013), and $200 (January 1, 2014).

8. Bond Details:

• It is a 30-year bond that is not secured by SMSC assets. Upon maturity it is paid back without interest.
• It is transferrable: This means it can be sold by a former member to another member wishing to join. The club does not charge any fees (at present) to transfer ownership.
• It is required as part of membership for all but Intermediate and Junior categories.
• SMSC has the right to buy back the bond at any time.

9. “Grandfather” Rules: Members who were in good-standing as of April 1, 2010 (current member) and remain in good standing thereafter may be eligible for “grandfather” provisions on rates. This provision extends the 2009 membership category structure and provides lower fees for some categories of current members as indicated above. However, if a “grandfathered” member changes categories, they may be no longer eligible for grandfather status in the future. The members are to set the “grandfather” rates at each AGM – the board of directors recommends that grandfather rates are phased out over 5 years and the proposed fees above incorporate the first year of the phase-out.

Here is what happens when a current member converts categories:

• Family converts to Single - fee drops from $522.50 to $451 (there is no longer a requirement to actually be “single” to be a single member and member is no longer “grandfathered”).
• Family becoming eligible for Senior Family (a member attaining age of 60) – fee drops from $522.50 to $346.50 (member is “grandfathered”).
• Senior Couple becoming Senior Single (separation or death of spouse) – fee drops from $346.50 to $253 (member is “grandfathered”).
• Senior Couple becoming Senior Single (by choice of member) – fee increases from $346.50 to $451 (member is not “grandfathered”).
• Senior Single becoming Senior Family (by member becoming “partnered”) – fee increases from $253 to $346.50 (member is “grandfathered”).
• Any other transfers of categories by current or new members are not “grandfathered”.