Chapter XXIX.
The Fundamentals of Good Behavior
No 50 - UNBREAKABLE RULES
Failure to pay one’s debts, or behavior unbefitting a gentleman, is cause for expulsion from every club; which is looked upon in much the same light as expulsion from the Army. In certain cases expulsion for debt may seem unfair, since one may find himself in unexpectedly straitened circumstances, and the greatest fault or crime could not be more severely dealt with than being expelled from his club; but “club honor”—except under very temporary and mitigating conditions—takes no account of any reason for being “unable” to meet his obligations. He must—or he is not considered honorable.
If a man can not afford to belong to a club he must resign while he is still “in good standing.” If later on he is able to rejoin, his name is put at the head of the waiting list, and if he was considered a desirable member, he is re-elected at the next meeting of the governors. But a man who has been expelled (unless he can show cause why his expulsion was unjust and be re-instated) can never again belong to that, or be elected to any other, club.
by Emily Post
Etiquette in Society, in Business, in Politics and at Home
http://www.bartleby.com/95/29.html
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