And Conditions Governing The Pacific Inter-Club Yacht Association's

"SIR THOMAS LIPTON PACIFIC COAST PERPETUAL CHALLENGE TROPHY"

This instrument dated at San Francisco, California, this 25th day of January 1934.

(Adopted Dec.3, 1951- Amended Oct. 5, 1981, Dec.15, 1986, March l6, 1987,

WHEREAS, Sir Thomas Lipton having presented a trophy to the Pacific Inter-Club Yacht Association of Northern California, to be raced for by sailing yachts under its auspices and control; and WHEREAS, the said trophy is hereby named and designated the 'Sir Thomas Lipton Pacific Coast Perpetual Challenge Trophy".

NOW, THEREFORE, the conditions and terms under which the races for the said trophy shall be held are as hereafter set forth in this declaration of trust.

1. The contest shall be limited to yachts belonging to or chartered by members of clubs belonging to PICYA. The designated class or handicapping system shall be determined by the race coordinator. The race coordinator shall specify the rating limits if a handicapping system is designated.

2. Any member yacht club of the Pacific Inter-Club Yacht Association may select one yacht from its fleet, and only one, to represent said club in any contest. The Helmsperson and tactician of each yacht shall be properly enrolled members of the sponsoring club under its customary membership procedure; however, the other members of the crew do not need to be members of the sponsoring club. The primary purpose of such enrollment shall have been other than participation in this contest. In the event a boat is chartered, the owner or his representative may be on board, but shall act only as observer.

3. The trophy is of the "perpetual" type and shall never become the property of any individual or club, but shall at all times remain the property of the Pacific Inter-Club Yacht Association. It shall be competed for once in each calendar year, provided two or more entries are secured, and the trophy shall be held by the yacht club, which the winning yacht represents until such time as Trustee has designated for its return. At that time it must be delivered to an officer or proper representative of the undersigned. Each yacht club winning the privilege of holding the trophy shall undertake its safe custody while entitled to possession and shall guarantee its return in good condition.

4. Each winning yacht club shall receive a suitable permanent recognition prize to be furnished by the Pacific Inter-Club Yacht Association. Said Association will have an engraved record attached to the trophy, giving the name of the winning yacht, the club which it represents, and the year.

5. Races for this cup shall be under the jurisdiction of a Regatta Coordinator appointed by Pacific Inter-Club Yacht Association Board of directors. The Race Committee Chair shall be selected by the Regatta Coordinator, and the Race Committee shall be selected by the Race Committee Chair and Regatta Coordinator, all from PICYA member clubs. The decisions of the Race Committee shall be final, except for appeals from decisions on protest or requests for redress.

6. The date of the contest shall be fixed each year by the Pacific Inter- Club Yacht Association at its March meeting.

7. The race or races shall be conducted in a calendar year at a time between June tat and September 30th. The courses and date will be set by the Race Committee of the undersigned. In the event of cancellation, postponement or abandonment of the race, it can be rescheduled by the Race Committee provided it can be done by September 30.

8. A Notice of Regatta and entry forms will be sent by the Secretary of PICYA to member clubs. All entries are to be postmarked 30 days or more prior to the race and sent to the PICYA Secretary. The boat name and Helmsperson are to be declared on the entry form, and a copy of the current rating certificate is required 10 days prior to the event. List of crew must be supplied prior to the races. Said sailboats (no more than one to a club) shall have belonged to or been chartered by a club member more than thirty 30) days prior to the race.

9. This declaration of trust may be amended by the Board of Directors of the undersigned.

IN WITNESS THEREOF the Pacific Inter-Club Yacht Association has caused this Declaration of Trust to be executed by its officers the day and year first above written.

ESTATE OF SIR THOMAS J. LIPTON,

PACIFIC INTER-CLUB YACHT ASSOCIATION

By WILLARD U. TAYLOR and By WM. A. LAVIOLEITE, President

SHELDON CLARK, American Trustees By C. WILLARD EVANS, Secretary