Selling your Membership

The purpose of these rules is to provide guidance on the sale of a membership.

There are two ways to sell a Kenmont membership:

a. The first way is selling directly to another party. This is called a Transfer.

b. The second way is selling back to Kenmont. This is called a Repurchase.

Transfers

a. Transfers may be submitted to the Board at any time, but there is a blackout period from April 1 to June 15 during which the Board will not process, approve or otherwise handle transfers.

b. Here is how a transfer works:

i. The member must find the buyer and mutually agree on a sale price of the membership.

ii. The member must complete the Membership Transfer Form and tender the required transfer fee to Kenmont through the Board.

iii. The Board or its designated agent must formally approve the sale. Once approved, the selling member ceases to be a member and the buyer becomes a member.

c. Here is what is transferred:

i. The member can only transfer the class and status of membership effective as when registration closes for the relevant season (typically April 1). For example, if the member is no longer in good standing for failure to pay dues or otherwise at the close of registration, then that member can only transfer a membership that is not in good standing. Similarly, if the member is inactive at the close of registration, then the member may only transfer an inactive membership.

ii.  The Board may, in its discretion, waive or otherwise modify this limitation on a case-by-case basis.

iii. The transferred membership is encumbered by all outstanding obligations, fees, and assessments (if any), and the Board accepts no responsibility for any representations or omissions made during the negotiations between the member and buyer.

iv. The member may transfer unused guest passes from their account to the buyer.

Repurchases

a. Repurchases shall only be done from February 1 to March 31.

b. Here is how a repurchase works:

i. The member must notify the Board by completing the Purchase of Membership Application Form.

ii. If there is a waiting list, Kenmont may repurchase the membership at the current initiation fee (less all outstanding obligations, fees, assessments, and subject to the current membership transfer fee.). There will be no refund, partial or otherwise, of annual dues. Note, all repurchased membership payments will be processed no sooner than 30 days after receipt of the resignation of membership form and payments are subject to cash flow restrictions and similar operational demands.

iii. If there is no waiting list, Kenmont may, in its sole discretion, repurchase the membership at a mutually agreeable price.

c. The Board may authorize the repurchase of unused guest passes.

The Board retains the discretion to modify, expand or otherwise revise these rules, subject to the governing Bylaws and established procedures, at any time.

FINAL Rules for Transfer/Sale of Membership Approved by Unanimous Board Vote on August 30, 2021