prepared by Cruise Ship Condos LLC, Developer and Declarant,
for World Yacht Club Ltd, Association of Shareholders

 B Y L A W S    I N D E X  rev 08/15/2008
(click on BLUE underlined titles to access)

ARTICLE I - NAME AND PRINCIPAL OFFICE
Section 1.01 Name
Section 1.02 Principal Office

ARTICLE II - DEFINITIONS
Section 2.01
Section 2.02
Section 2.03
Section 2.04

ARTICLE III - MEMBERSHIP
Section 3.01 Membership
Section 3.02 Transfer
Section 3.03 Assessments
Section 3.04 Suspension of Membership
Section 3.05 Association Rules; Enforcement

ARTICLE IV - VOTING RIGHTS
Section 4.01 Classes
Section 4.02 Restrictions on Voting Rights

ARTICLE V - COMMON AREA AND ASSOCIATION PROPERTY RIGHTS AND LIMITATIONS
Section 5.01 Common Area and Association Property
Section 5.02 Delegation of Right of Use

ARTICLE VI - MEETINGS OF MEMBERS
Section 6.01 Place of Meetings
Section 6.02 Annual Meetings
Section 6.03 Special Meetings
Section 6.04 Notice of Meeting
Section 6.05 Quorum and Adjournment
Section 6.06 Proxies
Section 6.07 Voting Cumulative
Section 6.08 Waiver of Notice; Consent
Section 6.09 Action Without Meeting
Section 6.10 Special Election of Director
Section 6.11 Record Date

ARTICLE VII- BOARD OF DIRECTORS; SELECTION; TERM OF OFFICE
Section 7.01 Number
Section 7.02 Election and Term
Section 7.03 Vacancies
Section 7.04 Compensation

ARTICLE VIII - NOMINATION OF DIRECTORS

ARTICLE IX - MEETING OF DIRECTORS
Section 9.01 Place of Meeting
Section 9.02 Organization Meeting
Section 9.03 Other Regular Meetings
Section 9.04 Special Meetings
Section 9.05 Adjournment
Section 9.06 Waiver of Notice; Consent
Section 9.07 Quorum
Section 9.08 Action Without Meeting
Section 9.09 Membership Attendance at Board Meetings

ARTICLE X - POWERS AND DUTIES OF THE BOARD OF DIRECTORS
Section 10.01 Powers
Section 10.02 Duties

ARTICLE XI - COMMITTEES
Section 11.01 Committees of Directors
Section 11.02 Meetings and Action
Section 11.03 Committees
Section 11.0a Complaints

ARTICLE XII - OFFICERS
Section 12.01 Officers
Section 12.02 Election
Section 12.03 Subordinate Officers, Etc
Section 12.04 Resignation
Section 12.05 Vacancies
Section 12.06 Chairman of the Board
Section 12.07 President
Section 12.08 Vice President
Section 12.09 Secretary
Section 12.10 Chief Financial Officer
Section 12.11 Compensation

ARTICLE XIII - RECORDS AND REPORTS
Section 13.01 Inspection of Association Records
Section 13.02 Budgets and Financial and Other Statements
Section 13.03 Maintenance and Inspection of Articles and Bylaws

ARTICLE XIV - INDEMNIFICATION OF AGENTS
Section 14.01 Indemnification
Section 14.02 Advance of Expenses
Section 14.03 Other Contractual Rights
Section 14.04 Insurance

ARTICLE XV - AMENDMENTS
Section 15.01 Power of Members

ARTICLE XVI - GENERAL MATTERS
Section 16.01 Checks, Drafts, Etc
Section 16.02 Contracts, Etc., How Executed
Section 16.03 Construction and Definitions
Section 16.04 Conflict