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BWYC BYLAWS
(Revised to 1/1/88)
ARTICLE XXVII:	BUDGET,	EXPENDITURES,	PRICES,
WAGES, AND ANNUAL STATEMENT A budget shall be prepared by each commit tee chairman and submitted to the Treasurer prior to February 15th each year. Failure to submit a budget could result in no funds being allocated to a committee. The Treasurer shall prepare a budget for review and approval at the March meeting of the Board of Governors. The budget shall be based on the committee requests and prepared in consultation with the Commodore, Vice Commodore, Rear Commodore, House Chairman and manager.
Expenditures or commitments to spend funds within a one month period may be approved by the following persons or committees,if not previously specifically approved in the budget.
Up	to	$	100.00------Manager
Up	to	$	500.00------Commodore, Treasurer
Up	to	$1,500.00------Executive Committee
Over	$1,500.00------Board of Governors
Emergency approval (i.e. approval at other than a scheduled or duly called meeting of the Executive Committee or Board of Governors) may be made only by contact and approval of at least seven members of the Board of Governors. All emergency approvals shall be submitted for ratification at the next regular meeting of the Board of Governors.
Prices shall be set in accordance with the directives of the Board of Governors. All salary and wage changes shall be in accordance with the directives of the Board of Governors
The stockholders of the corporation are to be provided with a year end financial statement at the annual meeting. This statement shall	be in a format and	contain such information as
required by	the	Board of Governors. The statement should	be
reviewed by	the	Treasurer and bear	his signature attesting	the
validity of	the	statements therein	contained.
ARTICLE XXVIII: LIMITING OWNERSHIP OF STOCK No individual or institution at any given time can own in excess of fifty (50) shares of corporation common stock.
ARTICLE XXIX:	FLAGS	AND	SIGNALS
1.	The club Burgee shall consist of a triangular pennant as
follows:	blue	and	red	field	with	the	blue	portion	on	the	hoist
side the letters "BWYC" in white across the field; blue border with white margin between the border and the field.
2.	The Commodore shall display a rectangular flag with a foul anchor encircled by thirteen five point stars, in white, on a blue field; the Vice Commodore, a rectangular flag with a similar device, on a red field; the Rear Commodore, a rectangular flag with a similar device in red, on a white field. The Race Committee’s flag shall be a rectangular flag with a vertical foul anchor, red, supported by the two letters, "R.C." in white on a blue field.
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BWYC BYLAWS
(Revised to 1/1/88)
3.	The Fleet Surgeon, Fleet Measurer, Treasurer and Secretary may display their flags, which flags shall be as prescribed by the Board of Governors.
4.	Display of the Club Burgee and other flags authorized herein shall be as prescribed by regulations adopted by the Board of Governors.
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