BY-LAWS OF LAKE CHAMPLAIN YACHT CLUB, INC.

ARTICLE I — NAME, OBJECT, ARTICLES OF INCORPORATION

Section 1. NAME. The name of this Corporation, hereinafter called the Club, shall be Lake Champlain Yacht Club, inc.

Section 2. OBJECT. The object of this Club is to promote and encourage boating and sailing on lake Champlain, while emphasizing racing, cruising, and education, without financial gain.

Section 3. ARTICLES OF INCORPORATION. The name, location of the Registered Office, the Registered Agent, and the purposes and powers of the Club shall be as set forth in the Articles of Incorporation, and these By-Laws; the purposes and powers of the Club and of its Governors, Officers and Members, and all matters concerning the the conduct and regulation of the business of the Club shall be subject to such provisions in regard thereto, if any, as are set forth in the Articles of Incorporation; and the articles of Incorporatiion are hereby made a part of these By-Laws. All reference in these By-Laws to the Articles of Incorporation shall be construed to mean the Articles of Incorporation of the Corporation as from time to time amended.

ARTICLE II — MEMBERS

Section 1. DEFINITIONS. The following terms shall have the following definitions: