Sale Of Treasury Share
February 21, 2018
MEMORANDUM CIRCULAR NO. 2018 – 04
TO : ALL PROPRIETARY MEMBERS
SUBJECT : SALE OF TREASURY SHARE
The Board of Directors in their regular meeting last February 17, 2018 approved the sale of one (1)
Treasury Share and to give existing proprietary/corporate members the first option to buy the same until March 15, 2018. Thereafter, the Treasury Share may be sold to non-members.
Minimum bid is at P340,000.00 plus P112,000.00 transfer fee for Filipino citizens. The transfer fee to be imposed on buyers who are not Filipino citizens shall be P224,000.00 inclusive of vat.
Guidelines are as follows:
- The Treasury Share must be activated within 30 days from the date of sale pursuant to Article VII, Section 3, of the Club By-Laws and Section 7 of the Articles of Incorporation.
- Payment maybe in cash or Manager’s check. Personal check maybe accepted provided that in case of dishonor, payor shall be liable not only under existing laws, but also for the payment of costs of the sale of the share.
- Membership of the winning buyer (for non-members) is subject to compliance with the Membership processing requirements, favorable recommendation of the Membership Committee and approval of the Board of Directors. Foreign bidders who cannot communicate in English, orally and in writing, must be assisted by an able representative.
- In case multiple bids are received, the Treasury Share will be sold to the Proprietary Member with the highest bid. In case there are no buyers who are Proprietary Members then to the Non-member with the highest bid.
- Interested buyers may submit their letter of intent with the bid amount to the Office of the President on or before March 15, 2018 or email to rosannaarguelles@box5774.temp.domains
THE BOARD OF DIRECTORS
