Yachtsman Nicholas Tsoukaris frozen out in stolen ice case
He said the club had provision for reprimands or fines up to the value of an annual subscription to the club.
Mr Tsoukaris - who paid $9000 to join the club in 1994 and pays $22,000 a year in berthing fees - has asked to be reinstated to the exclusive organisation, saying he should have been given a proper opportunity to defend himself.
The club's 1400 members include a who's who of politics, property, banking, fashion and media including former opposition leader Malcolm Turnbull, broadcaster John Laws and chef Tetsuya Wakuda.
Other members include former PM Bob Hawke, TV host Larry Emdur, legendary horse trainer Bart Cummings, "Aussie" John Symond, designer Lisa Ho and one-time jailbird Rodney Adler.
Mr Tsoukaris has berthed his boat at the club for the past decade.
The star witness in the case is the club's second highest-ranking member, Rear Commodore Michael Tess.
Mr Tess has alleged he saw Mr Tsoukaris tell 22-year-old student Charlie Allombert to get two bags of ice from the freezer on board John Keith's boat Big Buddy.