# Do Worldmark Credit owners face special assessments?



## tracie15436 (Aug 9, 2007)

Do Worldmark Credit owners face special assessments?  I know that if you own a specific resort, sometimes you are faced with a special assessment...I was wondering what the equivelant (if any) would be in Worldmark?
Thanks!


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## RichM (Aug 9, 2007)

Special assessments are possible within the WorldMark bylaws.  I believe there has never been one in the Club's history.  If there were to be one, it would be spread amongst all owners (currently over 250,000) in proportion to the number of credits owned by each.

So, worst-case, hypothetical, never-gonna-happen scenario: if everyone owned the exact same number of credits and there was some reason to have to entirely rebuild a $50M resort without any insurance settlement whatsoever - each owner's share would be about $200.. 

Here is the relevant bylaw section:



> 6.2 Special Assessments. Special assessments may be levied
> at any time upon determination by the Board that such assessments
> are necessary for capital improvements or major expenses, repairs
> or acquisitions for which no reserves have been established or for
> ...



So.. even in my scenario above the Limitations section 6.2(a)(ii) might be in effect and would require a vote to pass such an assessment in the first place.

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