: (a) To make and adopt the By-Laws of the Corporation, subject to the powers of rho stockholders to alter, repealer modify the By-Laws adopted by theBoard of Directors. (b) To authorize and issue obligations of the Corporation, secured and unsecured, to Include therein such provisions as to redeemab

and the landholders. in tum. Slain= oftitiacki in this Contraction shall not be transterred or gold until the sale or transfer has-been reported to theBoard ofDirectorsaud approved bytlictu. 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0041179 CONFIDENTIAL SDNY_GM_00187363 EFTA01355882

American Yacht Harbor "te • St. Thomas. VI 00802 C Trustees shall be elected 6y the member as spedifiedin theBy-Laws. Any vacancy occurring, in theBoard of Trustees upon the death. resignation. expiration of tent: of °like. or removal of am' Trustee. or as a result of an increase in the number of Tru