Vienna Aquatic Club is comprised of 450 shares, each of which is owned by a member. When maintained in good standing by paying dues, each share entitles a household to the annual use of the VAC facilities throughout the summer swim season. Additionally, members are able to vote at VAC meetings.
Becoming a member requires purchasing a share from VAC with a cash payment at the then-current share price. Shares not purchased from VAC are not valid for membership.
If a member decides to terminate membership, the share must be sold back to VAC. The share cannot be sold to a prospective member except when it is part of a real estate transaction and the prospective member is moving into the home where the share is "currently located". (In these circumstances, VAC must still approve the sale.)
Each year by March 15, a member must pay the annual dues as determined by the Board. If the dues are not paid by March 15, a late fee is applied. If dues are not paid by April 15, the share can be sold without the shareholder's consent.
Also, each year, a member may elect to "lease" the share to a non-member. This election is made by informing the Membership Chair of the intent. If there is a lessor that is interested and a lease takes place, the member will receive a refund of the dues amount. (Because the lease payment covers the member's dues.)