THE ASSOCIATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501 (C) (3) OF THE INTERNAL REVENUE CODE OF 1954, AS AMENDED, AND ITS ACTIVITIES AS HEREIN MORE FULLY DESCRIBED SHALL AT ALL TIMES BE CONDUCTED IN FURTHERANCE OF SUCH PURPOSES: 1. THE INSTRUCTION, TRAINING AND EDUCATION OF STUDENTS IN COLLEGES AND OTHER INSTITUTIONS OF HIGHER EDUCATION IN NORTH AMERICA IN SEAMANSHIP, SAFETY AND THE SKILLS AND TECHNIQUES OF SAILBOAT RACING IN INTERSECTIONAL, NATIONAL AND INTERNATIONAL INTERCOLLEGIATE COMPETITION. 2. THE SPONSORSHIP, CONDUCT, SUPERVISION, DEVELOPMENT AND PROVISION FOR SAILBOAT COMPETITION AMONG STUDENTS IN COLLEGES AND OTHER INSTITUTIONS OF HIGHER EDUCATION IN NORTH AMERICA FOR THE PURPOSES OF IMPROVING AND DEVELOPING THE SAILBOAT RACING TECHNIQUES OF SUCH COLLEGE STUDENTS. 3. THE SPONSORING AND CONDUCTING OF MEETINGS, DISCUSSIONS, SEMINARS AND LECTURES BY MEANS OF WHICH STUDENTS IN COLLEGES AND OTHER INSTITUTIONS OF HIGH