A Charter Membership is perpetual as long as the company remains an active member of the Golf Course Builders Association of America (GCBAA) in their qualifying membership category. In other words, as long as the company maintains its active membership status and meets the requirement for its membership category within the GCBAA, their Charter Membership will continue indefinitely. A Charter Membership may be terminated with or without cause by majority action of the Board of Directors. Charter Membership is available to any category of membership in the Association providing that the existing member is in good standing.
A Charter Member's voting rights, if any, shall be limited to such Charter Member's category of membership. The Board of Directors must approve all Charter Memberships. Charter Memberships and the rights and privileges of Charter Members are transferable or assignable, only in the event of a change in the name of the Charter Member, and only if the Board of Directors approves the transfer or assignment.