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One of the worst possible rules, but not uncommon. What do they need $50 for?
"The Panhellenic Recruitment Kick-Off will take place at 7 p.m. today in the Student Union. Each woman interested in joining a sorority must pay a registration fee. Because the Aug. 17 deadline has passed, there is a $50 late fee. Registration is open until midnight Tuesday." UNC newspaper
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