Microsoft Word - NCYC Roster - V1

of the members voting. Significant real estate sales are defined as a sale of real property assets that make up 20% or more of the Club’s total booked assets. The Treasurer will be responsible for determining the appropriate market value or booked asset value for application of the required approval level. ARTICLE XIII. CASH RESERVE & MAJOR CAPITAL EXPENDITURE FUND The Cash Reserve &Major Capital Expenditure Fund is hereby created to set aside monies to be used for Long-Term Major Capital expenditures in excess of $10,000, intended to preserve, restore, or protect the clubhouse, Club properties, or other principal The Committee will consist of the immediate Past Commodore, the Commodore, and three lay members. The immediate Past Commodore will chair the Committee. Upon creation of the Committee the term of the first lay member shall be three years, the term of the second lay member shall be two years, and the term of the third lay member shall be one year. Thereafter, the term of each lay member shall be three years with one lay member retiring from the committee each year. The membership shall elect a new lay Committee Club assets. COMMITTEE