Legal Question in Business Law in Florida
Modifying Equity Contribution Refund
Paid $7500 equity contribution for club membership in 1997; resigned membership in 2007.
Advised equity return will be limited to whatever amount BOD sets in By-Laws (now at $100).
Wouldn't by-laws in effect at time of original membership control?
Asked on 4/07/09, 1:16 am
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: Modifying Equity Contribution Refund
Perhaps, but it would depend on how the bylaws were changed. They were probably changed with notice (that most people ignored) and you had a right to quit then. If properly noticed, then you "bought into" the new rules.
Answered on 4/07/09, 8:43 am
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