Step by Step
- Full Member wishing to sell his/her debenture, and relinquish membership, confirms this intention in a signed letter to the Debenture Registrar.
- Attach to this letter your original debenture document issued by the Club
- Important: Full members cannot sell their debenture until all past due fees or levies are fully paid. If these have not been paid, the process will be delayed until full payment has been received.
- The Debenture Registrar will advise the persons on the waiting list that a debenture is available, and asks them to offer to buy it.
- After 21 days, the debenture is allocated to the person highest on the waiting list who offers to buy it and pay the Debenture Transfer Fee to the seller and the Joining and Annual Fees to the Club.
- When the Debenture Registrar receives documentation and the necessary cheques from the buyer, the Debenture Transfer Fee cheque is immediately forwarded to the seller, together with a farewell letter. This is the end of the procedure as far as the seller is concerned.
Image Credit: Mike Salon