Culleoka Water Supply Corporation
Transfers of Membership.
- A Member is entitled to transfer Membership in the Corporation without the
prior approval of the Corporation only under the following circumstances:
(a). The Membership is transferred by will to a person related to the Transferor within the second degree of consanguinity; or
(b). The Membership is transferred without compensation to a person related to the Transferor within the second degree of consanguinity; or
(c). The Membership is transferred without compensation to the Corporation; or
(d). The Membership is transferred as part of the conveyance of real estate from which the Membership arose.
2. In the event that Membership is transferred pursuant to the provisions above, such transfer shall not be completed or recorded on the books and records of the Corporation until such time as the Transferor has provided satisfactory evidence to the Corporation of said transfer. A transfer of Membership shall not be binding on the Corporation until such transfer has been approved as provided below:
(a.) A Transfer Authorization Form has been completed and signed by Transferor and Transferee
(b). The Transferee has completed the required Service Application packet;
(c). All indebtedness due the Corporation has been paid;
(d). The Transferee demonstrates satisfactory evidence of ownership of the property designated to receive service and from which the Membership originally arose;
(e). In the event the Transferor requests a Membership refund, the Corporation shall require the Transferee to deposit with the Corporation another Membership Fee equal in amount to that quoted in the Corporation's current bylaws.
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