Much Upside With Conversion
Lady members who do not want to convert can choose to stay as Lady members as this remains an optional exercise. (Converting lady memberships to ordinary ones will push down value: Singapore Recreation Club women members, Aug 14)
The rules supporting the conversion exercise were voted upon by the general body of the members at the Club’s Annual General Meetings. They are considered the supreme authority.
We have implemented the exercise in accordance with the wishes of the general body, who supported intention of giving the ladies a chance to be equal and enjoy the full rights and privileges of the Ordinary membership.
There are ladies who want to be Ordinary members to vote and have supplementary memberships for their spouses and children under the age of 21 but cannot do so under the current structure of the Lady membership.
The Club has put forward a fair package for those holding Lady memberships. For the initial period (1 August 2022 to 31 January 2023) –
- There is no cost incurred in the Conversion Fee. The $100.00 fee incurred is given back by rebate, through F&B credits valued at $100.00.
- The difference in the subscription fee is compensated by way of $35.00 in F&B credits per month for up to 1 year (depending on the conversion month)
The amount that was paid by the ladies for the lease renewal was determined at an Extraordinary General Meeting. The survey quoted in the article was a basis to frame the rule changes tabled which were tabled and passed at the 134th Annual General Meeting.
Market forces determine the value of the membership. With the lease being renewed for another 30 years and the Padang being designated the 75th National Monument, they are set to rise further.
If the ladies convert to Ordinary membership, they will have equal rights as the men. If they choose not to convert, they will keep their present rights, achieving savings from a reduced subscription fee. A lady wishing to sell her membership three years after the commencement of the conversion exercise would potentially have saved $1,260, which is more than the conversion fee of $1,000.
We wish to reiterate that this is a decision for the Lady members of the Club to make. It is not a mandatory conversion exercise that is being forced upon them. Lady members have already stepped forward for their conversion process.
Mr Chang Yeh Hong
President, Singapore Recreation Club