All members shall have equal status and shall be entitled to all rights and privileges of membership in the Club, except that no quarterly club magazine will be sent to Associate Members."

The way I read it ... (All members have equal status) .... an associate member is eligible for Life Membership after completion of their third full year of membership just like any other member. The 3-year requirement was intended simply to prevent someone coming in off the street and applying for Life Membership without any prior committment.

Suppose the spouse of a Life Member died ... wouldn't the surviving spouse who has been an Associate Member, for 3 years or more, have the option to become a Life Member after paying an amount equal to 15 years dues?