A shareholder may only sublet an apartment with the express approval in writing from the Board of Directors or the Managing Agent, and provided the shareholder has been resident for at least one year. The maximum period of the sublet shall be for one year. Applications to extend the sublet for subsequent periods beyond the initial one year shall be subject to a re-application process and fee. Any shareholder wishing to sublet their unit shall pay the Cooperative a Sublet Fee. That fee shall be the equivalent of one month’s maintenance for the said unit for each period of sublet. (Adopted by a resolution of the Board on 12 September 2005).