A member of a sailing club may redeem his membership certificate following his withdrawal from the club at a price substantially more than his original payment, an appellate court in New Jersey has ruled. The club had argued paying the higher amount would be an illegal contract in violation of the state nonprofit corporation law that prohibits distribution of any part of the club’s income or profit to a member. Steven Breitman originally paid $7,500 to join the Atlantis Yacht Club and received a Certificate of Interest in the club. By the time he withdrew in 2015, the club had raised its membership fee to $25,000. Under the then extant bylaws, the Club was authorized to pay the member the...