language for bylaws on withdrawing members
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language for bylaws on withdrawing members We want to clarify the procedure and language in the bylaws on withdrawing members We want to allow for 1 month for them to give us an account number, and if we don't get it, we say that we will transfer the securities to them in certificates and deduct the charge of the certificates from their withdrawal. Last year it was REALLY SLOW getting account numbers from withdrawing members, partly since we had never transferred securities before. This is what we've written so far: "The Valuation Date for a withdrawing member is the NEXT Valuation Date after: a. the notice to withdraw is received AND b. we have been given a TDAmeritrade taxable account number and her account full name to receive the transferred securities. "Example: a member withdraws the day before the May meeting. Her withdrawing Valuation Date is the Friday before the June meeting, providing we have her brokerage account number. If we have not received her account number by xxxxx we will purchase stock certificates to transfer and deduct the cost/s to the withdrawing partner" thanks, Etana and Treasurer Carol |
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