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Post Raffles construction / delivery

Shortly before physical commissioning / handover, by which time all / most of the community of owners should be known to each other, the owners committee and their mandate / method of operation is decided. Actual election to the committees membership, (with all 122 owners equally eligible), is administered for its initial establishment by the Chairman and / or Captain advised and assisted by Alexanders / Ernst & Young, and held in the first week(s) of Raffles post delivery operation, or sooner if practicable.

Thereafter based on the shareholders agreement / approved by-laws and ships written constitution, supplanted from time to time, by written instructions from the owners committee, the Captain and his staff, supported as needed with financial and legal advice from Alexander, Ernst & Young and a shore manager or agent in the Isle of Man, take care of all daily matters to do with Raffles safe and economical operation on behalf of the owners, but overseen by the on-board owners committee.

Important note:

It is assumed that the owners / owners committee will agree that the day to day operation (governance) of Raffles requires (additional) rules and regulations similar to those of a (true) cooperatively owned apartment building (aka condominium). However these regulations, known as the ships constitution will be different to the corporate by-laws and cannot be in conflict with the Captain’s responsibility for safety of the ship under international and / or the laws of Isle of Man, or in violation of it’s (the ships) insurances provisions.

Notwithstanding the Captain always attempting to accommodate the owners desires he alone has the final decision on the safe operation of Raffles and is also responsible to the Government of Isle of Man and IMO for her legal operation.