Articles of Incorporation | Fairfield Bay Yacht Club

Article I — Name

The name of this corporation shall be FAIRFIELD BAY YACHT CLUB, INC. (hereinafter referred to as the "Club"). The Club is a nonprofit corporation organized and existing under the laws of the State of Arkansas.

Article II — Purposes

The purposes for which the Club is organized are:

To encourage and promote greater use of members' boats, marina facilities, and the waters of Greers Ferry Lake.
To promote the sport of sailing and power boating, including racing and cruising.
To foster good fellowship and camaraderie among members and their families.
To promote safe boating practices and environmental stewardship of Greers Ferry Lake.
To hold regattas, cruises, and other aquatic events.

Article III — Members

The Club shall have such classes of membership as shall be designated by the Board of Directors. The conditions, qualifications, rights, privileges, and obligations of each class of membership shall be as established by the Board of Directors.

No part of the net income, properties, or assets of the Club shall inure to the benefit of, or be distributable to, its members, directors, officers, or other private individuals.

Article IV — Directors

The Board of Directors shall consist of the elected officers of the Club, serving in their official capacity. The Board shall have the power to manage and conduct the business and affairs of the Club.

Directors shall be elected at the annual meeting of the members, held each December at the Commodore's Ball, for a term of one year.

Article V — Officers

The elected officers of the Club shall be: Commodore, Vice Commodore, Secretary, and Treasurer. Additional officer positions including Past Commodore, Fleet Captain, and Media Captain may be established by the Board of Directors.

Officers shall serve for a term of one year and shall not serve in the same capacity for more than two consecutive terms except as permitted by vote of the membership.

Article VI — Amendments

These Articles of Incorporation may be amended at any duly noticed meeting of the membership by a two-thirds (2/3) vote of the members present and voting, provided that the proposed amendment has been submitted in writing to all members at least thirty (30) days prior to such meeting.

Club Bylaws

Section 1 — Dues

Annual membership dues shall be established by the Board of Directors each year. Current dues are published on the Membership page of the club website. Dues are due by January 31 of each membership year.

Section 2 — Meetings

Regular meetings of the Board of Directors shall be held monthly, generally on the third Tuesday of each month, except August and December. Special meetings may be called by the Commodore or by three or more Board members.

Section 3 — Quorum

A quorum for the transaction of business at any meeting of the Board of Directors shall consist of a majority of the elected officers then in office.

Section 4 — Fiscal Year

The fiscal year of the Club shall begin on January 1 and end on December 31 of each year.

Section 5 — Dissolution

Upon dissolution of the Club, the Board of Directors shall, after paying all liabilities of the Club, distribute any remaining assets to one or more organizations selected by the Board that are qualified as exempt organizations under Section 501(c)(7) of the Internal Revenue Code.