Page 6 - 2022 Bylaw Changes Proposed Edited

6. Original Bylaw: ARTICLE X BOARD OF GOVERNORS Section 3 ARTICLE V BOARD OF
GOVERNORS Section 3 Power to Expend Funds

The Board of Governors shall have the power to expend the funds of the Club and to create and give security
for indebtedness in the name of the Club for the purpose of carrying out the objects and purposes thereof The
Board of Governors is empowered to renew, extend, rearrange or consolidate any and all such outstanding
obligations and to cause evidence of such action to be duly executed and delivered by the Club officers.
Nothing contained in these by-laws shall limit the power of the Club, acting through its membership, Board of
Governors, or officers, to pledge, mortgage or encumber its property, real or personal, in security of any duly
authorized indebtedness of the Club. Notwithstanding the foregoing stated authority of the Board of Governors,
the Board shall not have the power or authority to incur any indebtedness for capital expenditure on behalf of
the Club in excess of One Hundred Thousand dollars ($100,000.00) without the prior approval of the Active
and/or Company Shareholder at an Annual Meeting of the members of the Club or a Special Meeting called for
such purpose. This limitation shall not apply to repair, renovation or replacement of any existing facility or
equipment owned by the Club. As used in this Section, the term “approval” shall mean a majority vote of the
Active and Company Shareholder casting their votes either, while present and voting or by absentee ballot at the
Annual Meeting or a special meeting called for such purpose. Seven (7) days’ notice shall be provided to all
Individual Shareholder of any such called special meeting.

Proposed Change:

The Board shall have the power to expend the funds of the Club and to create and give security for
indebtedness in the name of the Club for the purpose of carrying out the objects and purposes thereof
The Board is empowered to renew, extend, rearrange or consolidate any and all such outstanding
obligations and to cause evidence of such action to be duly executed and delivered by the Club officers.
Nothing contained in these Bylaws shall limit the power of the Club, acting through its membership,
Board, or officers, to pledge, mortgage or encumber its property, real or personal, in security of any duly
authorized indebtedness of the Club. Notwithstanding the foregoing stated authority of the Board, the
Board shall not have the power or authority to incur any indebtedness for capital expenditure on behalf
of the Club in excess of Five Hundred Thousand dollars ($500,000.00) without the prior approval of the
Voting Members. This limitation shall not apply to repair, renovation, or replacement of any existing
facility or equipment owned by the Club. As used in this Section, the term “approval” shall mean a
majority collective votes cast by the Active and Corporate Shareholding Members. Seven (7) days’ notice
shall be provided to all Voting Members of any meeting.

Explanation for Proposed Change:

The proposed change is to ensure that the Board has the appropriate amount of funds to create and develop
needs of the club beyond the existing facility should the Board determine it is in the best interest of the club and
the club’s success.