How Bond Redemption Works

BOND REDEMPTION REQUESTS MUST BE SUBMITTED BY MAY 15 FOR THAT CALENDAR YEAR.

As a bondholder, you have the right to redeem your bond when you terminate your membership with Westwood. Here’s how the process works:

To begin, submit a redemption request using the form below. Your request is then placed on a redemption waitlist in the order it was received. Bonds are paid out as new members join and purchase bonds, so redemption is not immediate — but your place in line is guaranteed by when your request was submitted. Bond redemptions begin in November.

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 request the redemption.

If you’re ready to submit a redemption request, use the form below. If you have questions first, feel free to reach out to the board at [email protected]

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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:

Article VII Section 5

> “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) →]