SAKONNET YACHT CLUB

ORIGIN, PURPOSE AND MISSION STATEMENTS

ORIGIN STATEMENT

As of August 13, 1996

Prior to 1937 the Sakonnet Fishing Company had fallen on hard financial times and bank foreclosure proceedings made its dock “Shaw’s Wharf”, along with immediate adjoining property, available for $800 to a group with the foresight to form a yacht club.  The property was placed in Sakonnet Yacht Club, Inc. (Holding Company), a Rhode Island business corporation, in exchange for stock to the original investor founders.  Later in the 1970’s, a founder’s generosity gave the Holding Company the triangle property and the four contiguous parcels where the “shed” stands.  The Holding company also acquired the “Flag Pole” Property and the Drennan Property.

The Sakonnet Yacht Club (Operating Club) was formed as a Rhode Island non-business corporation on June 8, 1939.  The Operating Club, which does not issue stock, leases the land, docks and other real property from the Holding Company.  Its legal existence continues today under Title 7, Chapter 6, Rhode Island Nonprofit Corporation Act of the General Laws of Rhode Island.

CLUB PURPOSES:  STATEMENT OF ASSOCIATION

Paraphrased From June 8, 1939, Articles of Association

To foster good feeling among members, promote interest and participation in yachting, in yacht racing, in dinghy racing, in boat racing, regattas and cruising, in the design, construction and racing of model yachts, in boat building, in the science of naval architecture, in navigation, piloting, and seamanship, in lending assistance to the governments of the United States and Rhode Island in times of emergency and to provide facilities for the aforesaid purposes including facilities for the hauling and storage of boats and yachts.

CLUB MISSION STATEMENT

Adopted: December, 1995

To promote safe, affordable, fun boating in a relaxed social atmosphere for Club members,their families and their guests.