Niantic Bay Yacht Club is a private organization whose purpose is the education of youth and others in general navigation and seamanship, and to that end, provide for the teaching and practice of a knowledge thereof; to purchase, mortgage, lease and sell real estate and personal property to maintain a building on Niantic Bay and an anchroage therein; to own and operate boats; to conduct sailing races; to promote yachting and a knowledge thereof in Niantic Bay and adjacent waters and such other things as necessary or incidental , all for said purpose of general navigation and seamanship.