REGULATION OF AXIS GOLF PONTE DE LIMA

GENERAL PART

Article 1º
The owner of Axis Golf Ponte de Lima and social facilities of the adjacent, from now on called CGPL, society GPL - Golf Ponte de Lima, SA.

Article 2º
1 - The purpose of this regulation is to establish the rights and obligations of the shareholders of GPL - Golf Ponte de Lima, SA regarding the admission and use of CGPL, bearing in mind the existence of the Association of Golf Club at Ponte de Lima that are uniquely associated with the shareholders of GPL - Golf Ponte de Lima, SA and whose reason for existence lies in the need to create the legal concept that allows the inscription on the Portuguese Golf Federation, with the resultant benefits to all members.

2 - This association aims to maintain and run a golf club for the pleasure of their partners, to develop social activities and, in general, provide all the perks associated with the usual one private golf club.

Article 3º
The GPL - Golf Ponte de Lima, SA makes available to its shareholders and associates of the Golf Club at Ponte de Lima from now on members, the golf course at Ponte de Lima and its "Clubhouse" and the support facilities and all that is reasonably necessary in accordance with this Regulation. The GPL - Golf Ponte de Lima, SA will be solely responsible for the expenses related to the operation of the Club, the recruitment of personnel, supplies and all other issues, including the advance of funds, and receiving revenue for both the Club golf.

Article 4º
It is the duty of the GPL - Golf Ponte de Lima, SA ensure the maintenance of the field in order to make available to all members, a golf course of eighteen holes, bringing the highest quality standards for the practice of professional golf and amateur.

Article 5º
In accordance with this Regulation no partner, as such, have no financial responsibility to the GPL - Golf Ponte de Lima, SA except in relation to the payment of the "Annual Rate" and personal expenses.

PARTNERS: RIGHTS AND DUTIES

Article 6º
Club members are divided into the following categories:

They are individual members, all holders of a share of Class A of the GPL - Golf Ponte de Lima, SA.

The individual members as well as others under this Regulation shall:

• Use the golf course and Club facilities, without paying "green fee";
• The right to appointment output in advance of forty-eight hours for your convenience;
• The right to reserve the field on weekends only for members and their guests, provided they play the same game (eg international tournaments members);
• The right to use under special conditions the services of professional golf;
• The right to participate in General Meetings of the Golf Club at Ponte de Lima;
• The right to transact the action through a "fee" to transfer;
• The right to broadcast the action or their heirs who are expressly designated without paying the "fee" to transfer;
• The right to designate, but not more than once a year, another user, to be approved in advance by the GPL - Golf Ponte de Lima SA, to instead have the rights to use CGPL;
• The right to invite people to play in the field, who have a "handicap" official, upon payment of a "green fee" special, not, however, be asked the same person more than three times per year;
• The right to bring up to six players not invited to the "Clubhouse" and use the facilities, but they may not use the golf course.

The individual members, in addition to others provided for in this Regulation, are required to:

• Paying the cost of renting cars, the lockers, or other consumption;
• Pay the "Annual Rate" to G.P.L. Golf Ponte de Lima, SA;
• Pay the annual fee to the golf club.

There will be no more than six hundred individual members, corresponding to the number of shares of Class A

They are collective members, all holders of a share of the category B of the GPL - Golf Ponte de Lima, SA The collective members apart from others under this Regulation shall:

• Give up to five players, individuals whose rights and privileges of reservation will be the same as individual members, with the limitation can only book two "starting-times" per day, subject to availability and there, to use more than two;
• Each unused right of nomination can be exchanged for twenty "Greenfees" valid for free this year;
• Each member shall be entitled to a collective "social days" per year to be a working day of the week according to the club, and where the social collective can have fifty guests without pay "Greenfees";
• Each of the five players nominated by the collective members can be replaced but not more than once a year, except in special circumstances to consider the GPL - Golf Ponte de Lima, SA, in each case, (the death or displacement of a player indicated for replacement of family members of players or officials indicated, etc.). Outside of these special cases, the changes of the players listed are subject to payment of "fee" designation to be determined by the GPL - Golf Ponte de Lima, SA.

The collective members beyond that provided for in this Regulation are required to:

• Paying the cost of renting cars, lockers or other consumption of;
• Pay the "Annual Rate" to the GPL - Golf Ponte de Lima, SA, which is three times the rate of the individual members;
• Pay the annual fee to the golf club that is three times the share of individual members.

There will be no more than one hundred collective members for the number of shares of class B.

Honorary members are those who are designated as such by the GPL - Golf Ponte de Lima, SA regardless of whether or not its shareholders. The honorary members have the same rights and privileges as individual members, but will not pay the "Annual Rate". There will be no more than fifteen honorary members at the same time. The quality of honorary member is extinguished by death or by decision of the GPL - Golf Ponte de Lima, SA.

FOUNDING PARTNERS are the grantors of the deed of constitution of the golf club, 200 / 1 as well as the members who join the club. The grantor of the deed of incorporation of the golf club will have the same privileges as individual members and collective, but will not pay annual fees.

LONG DISTANCE are members of those who LPG - Ponte de Lima Golf, SA designate as such, have permanent residence to more than one hundred kilometers from the golf course at Ponte de Lima and are holders of an action of type A or B of the GPL - Golf Ponte de Lima, SA.

Members will pay long distance of sixty percent annual rate in force. All other rights and obligations of membership remain unchanged.

Article 7º

1. For the year nineteen hundred and ninety-six the "Annual Rate" is set at $ 90,000 00 (ninety thousand shells) plus Value Added Tax in force;
2. The annual fees will be paid by each partner to the GPL - Golf Ponte de Lima, SA. The administration of the GPL - Golf Ponte de Lima, SA shall before the day on November 30 of each year, the "Annual Rate" for the year following, which however can not be increased above the rate of inflation given by the Institute National Statistics for the previous year;
3. A fixed annual fee for the following year must be paid until day 31 January this year;
4. Payment of annual fee within the period mentioned above is a condition for the use of CGPL and enjoyment by members of other rights under this Regulation.

Article 8º
Any member may bring three guest players during the week and a guest player on weekends or holidays, upon payment by a member of such importance to fixed periodically by the Director of Field "green fee" guest.

Additionally, any member can bring up to two guest players per weekend or holiday, a total of ten separate occasions in the same year, upon payment of its "green fee". Any member may bring up to a maximum forty guests a year not counting guests' day society. "

The same guest may not be admitted more than three times in one year.

The member must always accompany your guests players, unless obtained authorization from the Director of Field otherwise. The name and address of the guest player and the name of their partner, should be included in the guest book and pay for "green fee" should be made before the kickoff.

Article 9º
Any member may bring up to six players not invited to the "Clubhouse" and use the facilities (but they may not use the golf course).

The invited players are not always accompanied by the member who invites obtained unless otherwise authorized by the Director of the Field. The name and address of the guests did not name the players and their partner should be entered in the guest book before entering the "Clubhouse."

Article 10º
The spouse or child of a partner will not be considered guests.

The spouse and / or unmarried children of a partner who register as players will pay sixty percent of the annual fee in force.

The Field Director will have discretion to allow members to play with your spouse and / or children (until they reach the age of twenty-one years), when the output is carried out in the same "starting time" and since safeguarding the interests of all members of the Club by paying reduced to thirty percent to twenty percent for spouses and children of the "green fee" in force.

The spouse and / or children of a partner may use the advantages of "Clubhouse" when unaccompanied by the member, but can not invite people to the "Clubhouse" without prior consent of the Director of the Field.

Article 11º
By way of exception or in case of force majeure, the GPL - Golf Ponte de Lima, SA may terminate the field and / or clubhouse, or any part thereof for any period and for any purpose they deem necessary or desirable, including changes in its decoration or renewal.

No member shall be entitled to be reimbursed for the "annual fee" paid, or any other compensation in the event of termination of the field or club for the reasons listed above.

The GPL - Golf Ponte de Lima, SA shall have the power to organize and to allow members and their guests at social meetings taking place in the "Clubhouse."

It is the sole responsibility of the GPL - Golf Ponte de Lima, SA admission of members of the Golf Club at Ponte de Lima.

The GPL - Golf Ponte de Lima, SA still has the power to authorize the use of the golf course at Ponte de Lima and its infrastructure, including the "Clubhouse" since it does not conflict with the interests of members of the golf club Ponte de Lima.

INTERNAL ORGANIZATION

Article 12º

1. The use of CGPL management will be handled by a Field Director appointed by the GPL - Golf Ponte de Lima, SA;
2. The Field Director is the Chief Executive with the power of current management;
3. It is the GPL - Golf Ponte de Lima, SA ensure the proper use of fields and facilities in strict compliance with this regulation.

Article 13º
FUNCTIONS OF DIRECTOR
The Director will be responsible for all documents belonging to the Club and maintain a register of Club members (the "Club Registration"). It is responsible for keeping all records up to date and take note of any procedures and records management of the Club, including all club competitions.

Article 14º
DISCIPLINARY POWER
Complaints regarding any matter affecting the Club must be submitted in writing to the Director, who shall give effect appropriate to the subject. If warranted, the Director shall refer the matter to the GPL - Golf Ponte de Lima, SA.

Article 15º
SANCTIONS
The GPL - Golf Ponte de Lima, SA appoint an instructor, and this will inform the alleged offender, through a written note. After the survey promoted by the instructor and presented its report to the GPL - Golf Ponte de Lima SA, it will hear the alleged offender and listened to the direction the club will decide the issue.

If the member is found guilty can be punished, depending on the seriousness of his offense:

FINAL PROVISIONS

Article 16º
AMENDMENT OF REGULATIONS
This regulation of the Club shall only be revoked or amended by the proposal and with the affirmative vote of at least three quarters of the members of the Golf Club at Ponte de Lima and half of the founding partners grantors of the deed of constitution of the club, who will meet unusually for this purpose.

Article 17º
RULES OF GOLF CLOTHING AND LABEL
Alternative to these Regulations shall apply the rules of golf game adopted by the Portuguese Golf Federation, which bind all the partners.

Article 18º
DATE OF ENTRY INTO FORCE
This Regulation shall enter into force on the date of opening the club.