1.1 These had been previously circulated. Jim Berry (GBR) proposed that these be accepted as a true record of the meeting held at Gilleleje. This was seconded by Neil Fulcher (GBR). Approved without dissent.

2.1 The President, Pip Pearson, presented the following report:

"The past 12 months has been a change over period for the Executive with Chris Thorne settling into his role as secretary and Steve Burwood as treasurer. As was decided at Gilleleje, the Executive has been looking into restructuring the class to try and make administration and daily operation of the class meet the requirements of today. Some recommended constitutional amendments are before you tonight.

Likewise, a working party was nominated at Gilleleje to experiment with a larger spinnaker and report back to this meeting. Although some limited experimentation has been carried out, this has not been co-ordinated and is insufficient for us to make any worthwhile comment on the topic. Hopefully this matter can be progressed in the next 12 months and recommendations reported at next years AGM.

This is our first "open" world series and it gratifying to see in excess of a hundred entrants. Hopefully, if this change is made permanent, it will lead to both increased turnouts at future championships and interest in the class generally.

There has been debate on the effect that the influx of new classes will, have on the 505. My view is that with the attendance at this weeks event we are probably the envy of most other high performance classes around the world and we should not allow ourselves to be intimidated by the marketing of the manufacturer�s classes. I hold strongly to the view that "if it ain�t broke, don�t fix it". Whilst we most not become complacent or bury our heads in the sand, change should be by evolution, not revolution."

The Vice President, Ali Meller, adeded that he had greatly enjoyed sailing in the class again this year and in particular was struck by the camaraderie shown by the assistance he received from a large number of members on his trip to Europe to sail in the European Championships and the Euro Cup event at Garda.

He felt that regattea organisers could do more to ensure results and reports were published on the Internet and in magazines etc. The reports currently appearing are excellent but the work is being left to too few people.

3.1 The International Secretary, Chris Thorne, reported that membership, at 1,035, was slightly down on 1997. The largest fleet was Germany, followed by the USA and the UK. There were thirty new boats registered in 1997 and it looked like being a similar number for 1998.

3.2 The ballot held on the abolition of the Category B levy following the Gilleleje AGM resulted in a two to one vote against the motion, although only 150 votes were returned.

3.3 He thanked all concerned for their patience and assistance since he had taken over from the retiring Secretary, Les Everitt, at the beginning of the year. Day to day duties involve liaising with the organisers of Championships, dealing with enquiries from other National Associations, dealing with new registrations and liaison with the ISAF.

3.4 Later on in the Agenda there were proposals for constitutional changes aimed at improving the organisation and efficiency of the Class. However, it was also vitally important that the frequency and quality of information coming from National Associations should be improved. Without this information it is very difficult for the International Office to be effective.

4.1 The Treasurer, Stephen Burwood, presented the audited accounts for 1997 which had been circulated with the Agenda. These showed a deficit of �2,071 (1996 �3,925).

4.2 This deficit included a provision for �860 as a bad debt arising from the non payment of Category B fees from the Gilleleje World Championships. However, two days before the AGM the Secretary had received notification that additional funds had been received by the organisers to enable them to pay debts, and that monies should be transferred to the Association�s account shortly.

4.3 The major cost in the past two years has been the International Magazine. No magazine was planned for 1998. Coupled with a reduction in the payments made to the International Secretary and International Measurer, we are on course to make a small operating surplus in 1998 and therefore no change was proposed in the subscription level.

4.4 The Association currently has reserves of around �14,000. However, during the course of the next twelve months these were likely to be reduced by the need to reprint the Association Rule Book.

4.5 Mark Stowell (AUS) proposed that the accounts be adopted. Seconded by Mike Martin (USA). Approved without dissent.

5.1 Chris Thorne advised that Jurgen Feurerhake (GER) had indicated his willingness to stand again as Auditor. His appointment was proposed by Neil Fulcher (GBR) and seconded by Mark Stowell (AUS). Approved without dissent.

6.1 Rob Napier drew attention to the changes proposed later on the Agenda and deferred his report to item 8c.

7.1 Chris Thorne indicated that Pip Pearson had indicated his willingness to stand for a further term and was delighted to nominate him. This was seconded by Ali Meller. The Secretary advised that there had been no other nominations received by the due date of 31 July. The meeting re-elected Pip Pearson with acclamation.

8.1 Rule changes were outlined on the Agenda, and detailed text had been circulated to all National Associations prior to the AGM and to all members attending.

The Secretary explained the rationale for the changes proposed which were aimed at trying to create a simpler and more democratic means of governing the Class, which could take advantage of modern means of communication. The Rule changes were put to the meeting separately:-

Following the decision at Gilleleje to make Hyannis an open event, the membership was now being asked to consider whether it wished to make a permanent alteration our Rules. The President outlined the arguments for and against. Mike Martin (USA) felt that based on his experience of the 1995 Pre-Worlds in Mounts Bay a fleet of 140 was too big. However, there was only a minority in support of this view. A suggestion that we could consider splitting large fleets into two (e.g. a Gold and Silver fleet) also met with little support. Mike Agrell (CAN) felt that the wording of the existing Rule and the proposed change could be improved by using the word "Members" rather than "eligible competitors". This was noted.

Acceptance was proposed by Paul Young (GBR) and seconded by Neil Fulcher (GBR). Approved by a substantial majority with three dissenting votes.

The Chairman of the IRC (Rob Napier) outlined the proposed changes to the sail measurement rules. These were aimed at simplifying measurement and to bring us into line with ISAF standard procedure. This would make life easier for both sail makers and measurers. He confirmed that the IRC still needed to do some research to establish the precise dimensions, e.g. the maximum top width of the jib. He confirmed that the effective changes would be to allow sails which were, if anything, fractionally bigger than the existing, which would mean that no existing sail should fail if measured under the new rule. However, notwithstanding this, there would be a "grandfathering" provision which would prevent any sail which measured under the old rule being judged out of class under the new rule.

Acceptance proposed by Mike Stowell (AUS), seconded by Ian Barker (GBR). Approved without dissent.

Following the ballot last year which voted for the retention of the levy, the Officers considered that the present rule produced levies which were too high and, with the recent trend for entry fees to include lots of extras, difficult to calculate.

Following debate Mike Martin (USA) proposed an amendment to the proposed change that the levy should be �50 rather than �100. This was seconded by Adrian Horvath (RSA). A vote on the amendment showed 26 votes for and 26 votes against. The President used his casting vote to reject the amendment.

The original proposal was then put to the meeting and was carried unanimously.

9.1 The Secretary reported that no other proposals had been received.

Les Everitt, who had retired at the beginning of the year as International Secretary, was present, together with his wife Janet. Pip Pearson thanked them both for all their many years hard work on behalf of the Class and presented them with a half model 505 which was duly inscribed. The meeting gave Les and Janet a standing ovation.

10.1 Jean-Luc Muzellec (FRA) reported on the progress being made for the 1999 Worlds with the assistance of Renka Gesing (CAN) who acted as interpreter. The event will take place between 1 and 11 July at the French National Sailing Centre at Quiberon in Brittany. Accommodation would be available on site and full details would be circulated within a few months.

11.1 Adrian Horvath and Peter Roos were present from South Africa. Following proposals received from South African Association in 1997 to hold 2000 Worlds in Durban, they now wished to put forward an alternative proposal for Port Elizabeth. The dates proposed were 17 to 24 April for the Worlds, timed to coincide with a local water sports festival. A video presentation was then made about the Festival and a recent Sailboard World Championship. Queries were raised from the floor with regard to shore based facilities, accommodation and launching. Adrian Horvath confirmed that there should be no problem. He also advised that active steps were being taken to obtain sponsorship for containers. The invitation from the South African Association was accepted.

11.2 Dietrich Scheder (GER) advised that he had been in touch with a club at Cascais near Lisbon in Portugal who had expressed interest in holding the World Championships in 2001. The club is experienced in holding major international championships for many classes and has recently improved its facilities for dinghies. Dietrich had spent some time working in Lisbon and had been a member of the club and was able to recommend it as a good venue. The invitation was accepted in principle, subject to a detailed presentation being made at Quiberon in 1999.

11.3 Mark Stowell (AUS) confirmed that Freemantle in Western Australia would like to bid for the 2002 World Championships. The invitation was accepted in principle, subject to more detailed proposals being presented at Quiberon.

12.1 Jim Berry (GBR) advised that the UK Association would like to bid for this Championship to be held at the South Caernarvonshire Yacht Club at Abersoch. The invitation was accepted.

The formal business of the meeting was then concluded. The meeting was followed by an open forum discussion on various topics.