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BWYC BYLAWS
(Revised to 1/1/88)
Secretary.
c)	The names of applicants approved by the Membership Committee shall be posted on the Club bulletin board with the names of the sponsors, and the application presented at the next regular meeting of the Board of Governors for action. Applicants disapproved by the Membership Committee shall be notified by the Secretary. The application will not be given further consideration, unless the Commodore, after review of the application, decides the applicant should be presented to the Board of Governors for a vote at the next regular meeting, after posting in the same manner as applicants approved by the Membership Committee.
d)	A majority vote of the Board of Governors is required for election to membership. Applicants presented to the Board for election shall be notified of the result in writing by the Secretary. Applicants elected to membership shall be declared a member upon payment of the appropriate dues and other fees.
e)	Sponsors of applicants for Special Junior Membership shall be Family or Single Adult members who assume responsibility for the applicant, if elected.
f)	Sons and daughters of families covered by a Family Membership shall be accepted as Junior Members without action by the Membership Committee or the Board of Governors upon submission of a completed application form without sponsors.
5.	MEMBER CLASSIFICATION CHANGES
a)	Once accepted to membership (except for the Special Junior Classification), members shall change classifications as required by changes in age or status, without action by the Membership Committee or the Board of Governors.
b)	Individuals holding Special Junior Membership and who desire to advance to Junior Membership shall, at the appropriate time, submit an application for processing as described in paragraphs "a" through "d" of article XIII-4 above.
c)	Membership Classifications for members shall be determined based on age and status as of January 1 each year, or as of the date of election to membership, and shall not be changed for the remainder of the year.
6.	INITIATION FEE
a)	As of May 1,	1979, any person joining the club in a
membership classification which requires ownership of stock, or any person transferring from a membership class not requiring stock ownership to a class requiring stock ownership, shall pay an initiation fee which shall be due and payable upon election to the membership or on the effective date of transfer to the new classification. Former members rejoining the Club shall not be exempt from the requirement to pay an initiation fee.
b)	Notwithstanding the foregoing, Junior Members and Intermediate Members transferring to a class of membership
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BWYC BYLAWS
(Revised to 1/1/88)
requiring stock ownership shall not be required to pay the initiation fee if membership has been held in the Junior or Intermediate Classes, or a combination of both classes, for a minimum of the five continuous years immediately prior to the effective date of transfer.
7.	MEMBER RESIGNATIONS
Club member resignations must be in writing and delivered to the club to the attention of the Secretary. Dues are on an annual basis and are not refundable in whole or in part. Resignations shall not be accepted by the Board of Governors unless all funds due the club have been paid in full.
8.	REVOCATION OF MEMBERSHIP
Membership may be revoked by the Board of Governors for nonpayment of dues or other amounts owed the club by a majority vote. Membership may be revoked for other reasons by a two-thirds vote by the Board of Governors, except that said member shall have a right to a hearing before such a vote is taken.
ARTICLE XIV:	CAPITAL STOCK
The amount of the Capital Stock and the par value , if any, of the shares shall be as fixed in the Charter of the Corporat ion.
ARTICLE XV:	CERTIFICATES OF STOCK
Every holder of stock in the corporation shall be entitled to have a certificate signed by, or in the name of the corporation by the Commodore and the Treasurer, or the Secretary of the corporation certifying the number of shares owned by him in the corporation.
ARTICLE XVI:	TRANSFER OF SHARES OF STOCK
Shares will be transferable in conformity with the Uniform Stock Transfer Act, and in the following manner; shares shall be transferable only in the books of the corporation by assignment in writing, by the owner thereof, his attorney legally constituted or his legal representatives, upon surrender and cancellation of their certificate or certificates therefor.
ARTICLE XVII:	TRANSFER BOOKS
The Board of Governors shall have power to close the stock transfer books of the corporation for a period not exceeding forty nor less than twenty days preceding the date of any meeting of stockholders.
ARTICLE XVIII:	LOSS OF CERTIFICATE
In case of the alleged loss or destruction or of the mutilation of a certificate of stock, a duplicate certificate may be issued in place thereof, upon such terms in conformity with
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