The subject of this discussion category pertains to membership meetings, rules for conducting them and voting by proxy.

ARTICLE II

MEETING OF STOCKHOLDERS

Section 1. The annual meeting of the stockholders shall be held on the third Thursday in the month of October in each and every year, unless duly changed for proper and sufficient cause, and the membership notified at least ten days prior to the specially designated date. It shall be the duty of the Board of Governors, or a duly appointed Committee, to make the necessary arrangements for the annual meeting.

Section 2. A special meeting of the stockholders may be held upon call of the Board of Governors or the Commodore at such time and in such place as may be fixed by the Board of Governors or Commodore.

Section 3. Notice of the time and place of every meeting of stockholders shall be delivered personally or mailed at least ten days previous thereto to each stockholder entitled to vote, who shall have furnished a written address to the Secretary of the Corporation for the purpose. Such further notice shall be given as may be required by law. Meetings may be held without notice, if all stockholders entitled to vote are present, or if notice is waived by those not present.

Section 4. The holders of record of thirty-five (35) percent of the shares of the capital stock of the Corporation, issued and outstanding, having voting power, present in person or by proxy, shall, except as otherwise provided by law, constitute a quorum at all meetings of the stockholders. If there be no such quorum, the holders of a majority of such shares present may adjourn the meeting from time to time.

Section 5. Meetings of the stockholders shall be presided over by the Commodore, or if he is not present, by the next highest officer present at the meeting.

Section 6. At all elections of officers, the voting shall be by ballot, and a majority of the votes cast shall elect the officers.

Section 7. Only those Senior members and Life members in good standing shall have the right to vote.

Section 8. Proxy votes of members who cannot attend the meetings may be cast by those persons attending who are designated by the absent members. Such proxies must be registered with the Secretary in person or by mail by the non-attending member, and must name the proxy.