ARTICLE I - Membership
Section 1. Qualifications. Each alumnus, alumna, and present or former officer, staff, or faculty member of the University of Pennsylvania’s Wharton School, who currently resides and/or works in the Chicago metropolitan areas, Illinois, or neighboring states including Wisconsin, Indiana, and Iowa, shall be eligible for regular membership (“Regular Membership”) in The Wharton Club of Chicago, (the “Club”). Any person eligible for Regular Membership may become a Regular Member by completing and submitting to the Vice-President of Membership an application in a form prescribed by such officer, together with the payment of such fees or dues as shall be established by the Board of Directors (the “Board”) in accordance with the Bylaws. All Regular Members shall be eligible to vote on matters submitted to a vote of the members, and shall be eligible to serve as a director, officer, or committee member of the Club.
Section 2. Member Contributions. All Regular Members shall pay such annual fees or dues as shall be determined by the Board. Payment of such fees and dues shall entitle a Regular Member to membership in the Club for the twelve-month period following such payment. Only those Regular Members who have paid such fees and dues shall be entitled and eligible to vote on matters submitted to a vote of the members or to serve as a director, officer, or committee member of the Club.
Section 3. No Vested Rights of Members. No Member, incorporator, director or officer of the Club shall thereby have any vested right, interest, or privilege of, in, or to the assets, functions, affairs, or franchises of the Club. Furthermore, no member of the Club shall have any right, title, or interest in or to the whole or any part of the assets of the Club, and no member shall be entitled to either the whole or any part of such assets in the event of the termination of such member’s membership in the Club for any reason.
Section 4. Non-Liability of Members. The members of the Club shall not be personally liable for the debts, liabilities, or obligations of the Club.
Section 5. Resignation of Members. Any member may resign by filing a written resignation with the Vice-President of Membership, but such resignation shall not relieve the Member so resigning of his or her obligation to pay any fees or dues or other obligations due to the Club which have accrued and are unpaid at the time of resignation. The resignation of a Member shall not be accompanied by the refund or fees or dues paid to the Club.
Section 6. Termination of Membership. By an affirmative vote of two-thirds of the Board present at a regular or special meeting of the Board, the membership of any Regular Member may be suspended or terminated if such member shall have engaged in conduct deemed improper, prejudicial, abusive, or destructive to the Club or any member or members of the Club. Notice of the proposed action shall be given to the member at least ten (10) days before the meeting at which such action is proposed to be taken, together with a statement of any alleged cause for such action, and the member shall be entitled to attend and answer the allegations at such meeting.
Section 7. Reinstatement of Membership. By an affirmative vote of two-thirds of the members of the Board present at a regular or special meeting, the Board may reinstate a former or suspended member to membership on such terms as the Board may deem appropriate. Any such Board action shall be taken only upon written request signed by at least one Regular Member and filed with the Vice-President of Membership.