12/05/2003
Pursuant to Section 101 ("Eligibility and Criteria Procedures"), the "Board may adopt, from time to time procedures for the acquisition or transfer of a membership as it may determine." In accordance therewith, the Board of Directors has determined to adopt a policy to permit, under certain conditions, a Member to donate his Exchange Membership to charity. The terms and conditions of this policy are as follows:
1. Obtain independent confirmation that, pursuant to IRS Code (currently Section 1221), that the Exchange seat is considered a capital asset.
2. Obtain documentation that the intended recipient of the seat is a valid charitable organization with 501(c)(3) status. Obtain the organization's tax identification number.
3. Obtain documentation from the charitable organization agreeing that subsequent to donation of the seat, the charitable organization will promptly sell the seat in accordance with and subject to the By-Laws and Rules of the Exchange.
4. Obtain documentation from the board of the charitable organization formally authorizing a specific individual to take action to sell the seat on its behalf.
5. Obtain documentation that the seat has been donated.
6. Proceed with the seat sale as described above and in accordance with and subject to the By-Laws and Rules of the Exchange, as may be amended from time to time.