BY-LAWS PUERTO RICO HOTEL & TOURISM ASSOCIATION, INC ...

B. CONDITIONS OF MEMBERSHIP - Candidates for membership of any classification shallbe invited for membership and shall be considered accepted upon payment of the correspondingdues, and approval by a two-thirds vote of a quorum of the Board of Directors. Applicants formembership in classes 1 & 2 must also qualify as a Tourism Approved Facility as provided for inthe laws of Puerto Rico.C. RESIGNATION - Any member may resign from the Association by giving written noticethereof, such resignation to be effective at the end of the then current quarter. The membership feeis not subject to reimbursement in the event of a resignation.D. SUSPENSION OR EXPULSION - Any member may be suspended or expelled for causeby a majority vote of the Board of Directors, provided that the accused member shall have beengiven a copy of the charges and have at least fifteen day’s (15) opportunity to answer them inwriting prior to such suspension or expulsion. The membership fee is not subject to reimbursementin the event of suspension or expulsion.E. CONTINUANCE OF OBLIGATIONS - Neither resignation, expulsion nor suspensionshall relieve a member from liability for any dues or assessments or other obligation accrued andunpaid at the time when the resignation, expulsion or suspension becomes effective.III. DUESA. DUES - The Board of Directors shall have full power to fix the amount and method ofpayment of dues for all classes of members.B. PENALTIES FOR NONPAYMENT - Unless the time for payment is extended by theBoard of Directors, nonpayment of dues within ninety (90) days thereafter shall result insuspension of all privileges of membership until payment thereof, and failure to pay within six (6)months shall result in automatic forfeiture of membership, although a member may thereafter bereinstated upon application and payment of all dues in arrears and upon agreement by a two-thirds(2/3) vote of the Board of Directors.C. ASSESSMENTS - The Board of Directors shall have the power to make assessments uponits members, to be payable by them in proportion to the amount of their annual dues, or inaccordance with any other specific formula as may be established by a two-thirds (2/3) vote of theBoard of Directors.IV. MEETING OF MEMBERSA. ANNUAL MEETING – The annual convention each year shall include the annual meetingof the Association.B. REGULAR MEETINGS –Regular Meetings of the Association can be called at any time ifdeemed necessary, upon a majority vote of the Board of Directors; provided, however, thatmonthly or periodic lunch meetings may be used to hold a regular meeting of the Association, ifconvoked as stated herein.-2-Revised 11/2012