This annual ceremony, deep in custom and tradition, serves as both the symbolic and physical transfer of authority and responsibilities from the graduating First Class Midshipmen to the Second Class Midshipmen, who will lead the Regiment from this ceremony until the following February. The transfer of leadership from one commander to their successor is conducted in a simple exchange during which the new leader states their readiness to take charge, the incumbent announces their preparation to relinquish command, the two exchange salutes, and the completion of the change of leadership is reported to the Commandant of Midshipmen.

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