It Has Happened With Fraternities
There's a gentlemen's agreement among fraternities to not tread on each other's turf, but it does happen from time to time. I've seen colonies drop or be dropped from one national, and end up with another. I may have the specifics fraternities wrong, but it seems to me there was a flap not long ago about an Alpha Kappa Lambda chapter that got booted by their national and ended up as a very good Beta Theta Pi chapter after a brief stint as a local.
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