1. Surrender A Personal or Business Membership may be surrendered and the surrendering member shall be entitled to receive the surrender value of the Membership as follows:
a. The Club has not less than four hundred and 涜y (450) Membership in good standing;
b. Four new Memberships in the same category and classification as the Membership being surrendered 町e approved and the cぽrent applicable initiation fees for the four new Memberships are received by the club:
c. The surrendering Member has paid all monthly dues and other charges owed up to and including the date the club receives the initiation fees おT 由c four new Memberships
d. Upon the occurrence of the above three events. the surrendering member shall receive a surrender value payment equal to 80% f the Member's original initi凶on fee received by the Club for one of the new Memberships, provided howevぽ,白紙 in no m羽1t shall the surrender value pa戸nent be paid to a surrendering member who did not pay弓 or whose predecessor in interest did not pay, the original initiation fee for the Mernbぽship.