Common use of Financial Hardship Dues Waiver Clause in Contracts

Financial Hardship Dues Waiver. The Board of Directors may, by majority vote and upon written request from a Corporation Member of record, defer or waive any or all of the annual dues assessment or any special assessment for reasons of financial hardship as presented by the member to the Board of Directors. Any decision by the Board of Directors shall be final and shall be in effect during the fiscal year of the Corporation as applied for by the member. The Board of Directors, by majority vote, may extend any granted waiver upon expiration of the current waiver for an additional fiscal year.