How Bond Redemption Works

As a bondholder, you have the right to redeem your bond when you terminate your membership with Westwood. Your bond will be redeemed at its full face value, minus any outstanding balance you may owe the Association. To be eligible, you must have been a member in good standing at the time you submit your request.

Redemptions are processed in the order requests are received and are paid out as incoming members purchase new bonds. Payments are issued each November.

To be eligible for payment in November of the current year, your request must be submitted by May 15. Requests submitted after May 15 will enter the following year’s queue, with payment issued in November of that year if a new bond was purchased since your request was submitted. We will keep you informed of your status along the way.

[Submit a Bond Redemption Request →]

Full Bylaw Language

For members who want to review the governing text, the relevant provision is Article VII, Section 5 of the Westwood By-Laws:

“A holder of a Bond may redeem his/her Bond for the full face value less any indebtedness owed by the holder to the Association, provided that if he/she was a Member of the Association in good standing at the time of termination of membership. The manner in which the Bonds shall be redeemed shall be determined by the Board of Trustees provided, however, that such Bonds shall be redeemed in the chronological order in which memberships terminate (except as otherwise provided in these By-Laws), and only as soon as payment for a Bond is received from an incoming Member. Except for the redemption payment as herein provided, each Bond shall become null and void upon the date that the holder thereof requests redemption of his/her Bond.”

[View Full By-Laws (PDF) →]