LAKE PALESTINE YACHT CLUB
BY LAWS
AMMENDMENT 1- CAPITAL IMPROVEMENT FUND JANUARY 12, 2008
One half of income from dues to a maximum amount of three thousand dollars ($3,000.00) annually will be deposited into a separate interest bearing account for the sole purpose of capital projects incurred in the improvement of / or purchases for club property. Separate donations from sources other than dues may be made by members or non members above the $3000.00 annual limit. All spending from fund must be approved by the Board of Directors.