Term Membership, on the other hand, is valid for one (1) year and may be renewed annually for up to five (5) consecutive years. At any time during this period, or upon expiry, a Term Member may apply to convert to Ordinary Membership, subject to eligibility and the availability of vacancies. Upon conversion, the Term Member will be entitled to apply 50% of the aggregate Term Membership entrance fees paid towards the Ordinary Membership entrance fee applicable in the year the conversion takes place.