TERRELL, Justice.
Miami Country Club, hereinafter referred to as the Club, owns a tract of land in the City of Miami of approximately 120 acres. In lieu of ordinary capital stock, the Club issued its members 450 certificates, designated as "Participating Ownership Certificates." Said certificates provide that they are issued "subject to the articles of incorporation and By-laws of the Club and subsequent amendments thereto" and that they may be held and transferred...
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