Many sororities have a similar policy.

It's doubtful how enforceable they are legally, for a variety of reasons. (One potential problem with these policies: When a member of a sorority with a policy like this dies and the family reports the death to HQ, does HQ inquire whether the badge was buried with the member and, if not, demand its return? If not, I see a problem with later trying to claim "ownership.")

And so far as I know, most sororities that have such policies/documents only instituted them in the last decade or two, so even within those sororities, the policies wouldn't apply, at least not with any possible legal force, to people initiated before the policy was instituted. So, regardless of the policy now, if the badge inquestion belonged to someone who was initiated prior to the policy's institution, and who did not sign a document like the one you signed, there's absolutely no legal prohibition on someone else owning it and selling it.

eBay isn't a party to and isn't bound by Alpha Gamma Delta's policies. Neither is any other non-member who comes into possession of a badge. That's the point Jono was making, and he's right.
No, because most of the time, they are not essentially stolen property.

Bit overpriced.

I see they are offering an APO Service Pin that we used less then 2-3 years ago for $40 (down for $75). Uh, you could buy as many as you want for $4. As I said, its the only we only recently changed a few years ago.

They show two of our pledge pins. The old one I've gotten for less then $40 off Ebay. I can't tell the age of the second one, but we sell them for $4, so asking for $50 is outrageous.

Slight correction. You can buy a "replacement" badge if your original one is lost. Your first badge has to be purchased through the normal process.

A DPhiE badge is on there for TWICE what it would cost to replace through the HQ--so yes, I would say the company is ripping people off which is downright unfortunate.