The Shorehaven Golf Club Incorporated

“The shorehaven golf club, incorporated was incorporated (the "club") as a membership organization.”

“Directors shall elect by ballot a nominating committee at least 120 days before the annual meeting. The nominating committee shall be composed of 5 people, none of whom shall be a director, from among the class a stockholding members of the club. To be eligible for appointment to the nominating committee, must be a member in good standing for at least 5 consecutive years and not have served on the nominating committee within 5 years immediately preceding appointment. No person who has served as a director for five successive years, a combination of appointment and election, shall be eligible for reappointment or reelection as a director until at least three years have elapsed following the end of the director's term. No person elected to serve as a director for four successive years shall be eligible for reappointment or reelection as a director until at least 3 years have elapsed following the end of the director's term. Committee shall select 3 nominees for 4 year terms as well as any unexpired vacancies. Nominees may not be members of the nominating committee and must be posted a minimum of 60 days in advance of the annual meeting. Additional individual nominees may be made by petition of 25 stockholders to the secretary no later than 30 days prior to the annual meeting. Secretary must post the names immediately. Names of all such nominees shall be forwarded to the shareholders no later than 15 days prior to the annual meeting. Nominees receiving highest number of votes shall be elected to the vacant positions on the board. Ties are broken by longest continuous membership.”

“The following is a list of decisions of the governing body that are subject to approval by members: 1. 3/4 of whole board for purchases, leases or sale of real estate at a price not to exceed $25k. No portion of golf course or club grounds may be sold or leased unless an affirmative vote of 3/4 of the whole board confirmed by the majority vote of class a shareholders. 2. Capital assessment of $100k needs affirmative vote of 3/4 of the whole board confirmed by the majority of class a shareholders. 3. Assessments may not be levied in any one calendar year in excess of $100k without the approval of the majority of all holders of common class a stock. 4. Changes in rules and policies must be communicated to membership either by mail or posting in the clubhouse 20 days prior to action by the board. Changes must be approved by 3/4 majority vote. 5. Amendments to by-laws may be altered, amended or repealed at any meeting of the shareholders, notice must be given, by a vote of the majority of all common class a voting stock.”

“No committee has authority to act on behalf of the governing body.”

“The board of directors designates the treasurer to review the form 990 on behalf of the board prior to filing”

“The conflict of interest policy is signed annually by all members of the board of directors and by all employees upon hire or appointment.”

“The club utilizes industry association cmaa survey results for regional and national comparable organizations (clubs) compensation report for determining compensation.”

“The club does not make its governing documents, conflict of interest policy, and financial statements available to the public.”

“Issue of common stock 250.”