North Channel Yacht Club Membership Roster 2022

ARTICLE XI. AMENDMENTS

Any amendment to the By-Laws proposed by the membership shall be submitted in writing to the Board of Directors at any meeting and if accompanied by petition of 15 percent of members in good standing, shall be included in the call for the annual meeting or any special meeting of the Club called for that purpose. Voting for amendments shall be by the official ballot method as provided in Article VII, Section 6 of these By-Laws, and must be approved by two-thirds of the members voting in order to be adopted. Upon such vote, the proposed amendment shall become a part of the By-Laws. ARTICLE XII. SALE OF CLUB ASSETS Assets such as furniture, plants and equipment owned by the Club, which have prudently been determined to be no longer used and useful, may be sold or otherwise disposed of with the approval of the Commodore provided that its market value is less than $200.00. The approval of the Board of Directors is required for any asset sales greater than $200.00 of market value but equal to or less than $5,000.00. All sales and disposals in excess of $5,000.00, except significant real estate sales, shall be approved by a vote of the membership at a General Membership Meeting. Significant real estate sales shall be approved by the official ballot method as provided in Article VII, Sections 6 & 10 of these By-Laws and must be approved by two-thirds 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

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