22 JUNE 2004



Revised Special FII meeting 22 Jun 2004


A special meeting bas called to order at 7:05 PM by President N. Founier.


Present: N. Founier, D. Babineau, C. Hommel, J. Roberts, P. Perry, D. Norris, D. Giggey (by telephone).

Not present: P. Bearor and T. Bishop


There are letters and other information being promulgated (unsigned) against the proposed transfer of assets by Frye Island Inc. to the Town of Frye Island.  There is much erroneous and misleading information in those documents


Motion by D. Giggey, seconded by C. Hommel, approved unanimously, to send a letter to the Stockholders of Frye Island, Inc. that would include the statement that there will be a motion at the 3 Jul 2004 Town meeting by J. Potts as to the control, budgeting, and operational aspects of those assets proposed to be transferred to the Town of Frye Island.  That motion by J. Potts would say:


I move that any Frye Island Incorporated assets that are conveyed to the Town of Frye Island include a covenant that clearly requires the Town of Frye Island to give sole final control and budgeting responsibility to the Town of Frye Island Board of Island Trustees and the sole control and responsibility for the operations to the Town of Frye Island Executive Committee for the conveyed assets.


It should be emphasized (for clarification of those not familiar with the governance structure) that 4 (four) of the 7 (seven) members of the Executive Committee are BIT members who are elected by Frye Island homeowners and therefore through BIT have extensive control in this matter over the conveyed assets!


Motion to adjourn at 8:15 PM by D. Babineau, seconded by J. Roberts, approved unanimously