ARTICLE THREE: DUES AND FINANCES

SECTION 1: Establishment of Annual Dues:

Dues for the Fan Club year shall be established by the Board of Directors upon recommendation from the Membership Committee. The Fan Club year is defined as the period from September 1 of a calendar year through August 31of the following calendar year.

SECTION 2: Payment of Annual Dues:

A. Dues shall be made payable to the Washington Capitals Fan Club, Ltd.

B. Membership may be renewed through December 31.

C. New membership applications and dues shall be accepted at any time during the Fan Club year. Applications received between March 1and the end of the Fan Club year shall be accepted by the Membership Committee at half price.

D. In order to be eligible to vote on any business before the membership, the current year's dues shall have been paid.

SECTION 3. Use of Funds:

Any funds collected or accumulated by the Fan Club may only be spent to promote the aims of the Fan Club as stated in the Articles of Incorporation, these By-Laws, and only as authorized by the Board of Directors.