A member or the estate of a member participating in the Program established under the provisions of this chapter shall be paid 100% of the difference between the guaranteed value, as determined by the Program, and the gross selling value, as determined pursuant to § 1484.07 if the guaranteed value is greater than the gross selling value. The guarantee provided by the Program shall only apply to sales made five years or more after the date of issuance of the certificate of participation and shall be provided subject to all the terms, conditions and stipulations of the Program. The guarantee provided by the Program shall extend only to those who qualified as members at the time of their application, or to the estates of members, provided that the estate applies within two years of the member’s death or immediately upon completion of the fifth year after the date of issuance of the certificate of participation, whichever is later. A member of the Program agrees to abide by all conditions, stipulations and provisions and shall not receive the guarantee unless all conditions, stipulations and provisions have been met. Any member failing to abide by the conditions, stipulations and provisions of the Program, or who engages in fraud, misrepresentation or concealment in any process involving the Program, forfeits both the registration fee and any claim to the guarantee.
(Ord. 96-37, passed 10-8-1996)