I came from an equity club - everyone owned a piece of the airplanes. The club orginated in the 1960s, and perhaps the member/owner aspect was one reason it survived. The buy-in was $3-5K (I can't remember exactly now) - if you resigned you got your "share" refunded when a new member joined - yeah, you had to wait, though usually not very long. Your club - 60 members is kinda light for 5 aircraft. You'd think 10-12 per airplance would be the max, but SO many guys fly SO seldom; we went to 15-16 members per aircraft without meaningful scheduling conflicts.