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within a 30-day period. If the membership is not sold within the
30-day period, petitioner auctions the membership and remits the
proceeds to the seller. On all these compulsory resales of
memberships, petitioner retains the transfer fee that was paid by
the original purchaser and also collects a transfer fee from the
new purchaser on the resale.
In addition to collecting the transfer fees, the Member
Services Department collects fees from applicants, members, and
others in the following five categories: (I) Application fees,
(ii) delegate fees, (iii) registration fees, (iv) badge fees, and
(v) miscellaneous fees.
Petitioner's Member Services Department collects application
fees in connection with the processing of membership
applications. From time to time, petitioner's board of directors
reconsiders and revises the amount of the application fee.
Increases in the application fee have been related to increases
in the cost of operating the CBOT Member Services Department.
The application fee for all first time applicants for any type of
membership was $750 from January 1, 1988, through December 31,
1989, and $1,000 from January 1, 1990, through December 31, 1990.
The application fee must be paid, regardless of whether the
purchaser already owns another membership. However, a person who
already owns a CBOT membership submits a short-form application
in connection with the acquisition of an additional membership.
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