FRYE ISLAND INCORPORATED STOCKHOLDERS MEETING

FRYE ISLAND COMMUNITY CENTER

OCTOBER 6, 2001

 

The meeting of Frye Island Incorporated Stockholders was called to order by President Thomas at 9:10 AM.

 

1.     2002 BUDGET

President Thomas presented the proposed 2002 budget. C Hommel MOVED and O. Svetlichny SECONDED that the budget be approved.  Motion PASSED unanimously by those Stockholders present.

 

2.     VOTE ON QUESTION 1

C. Hommel MOVED and M. Thomas SECONDED that the corporation ratifies and affirms those acts taken on its behalf by the stockholders and directors through this date as if voted herein and now.  The proxy vote was 258 AFFIRMATIVES, 24 NEGATIVES and 8 ABSTENTIONS. For those Stockholders present, there were 99 AFFIRMATIVES, no NEGATIVES, and no ABSTENTIONS. Since the records show there are about 831 Stockholders, a quorum is 277 votes. The motion was PASSED by a quorum of Stockholders, by a vote of 357 AFFIRMATIVES, 24 NEGATIVES, and 8 ABSTENTIONS.

 

3.     VOTE ON QUESTION 2

C. Hommel MOVED and D. Babineau SECONDED that FII turn over to the Town the water system, including the intake system, the pump house and pumping system, the pump house lot, the piping to the treatment plant, the water treatment system, the storage tank and the water distribution system., and that the transfer be implemented upon authorization of the transfer by the FII Stockholders and acceptance by the Town. The proxy vote was 272 AFFIRMATIVES, 10 NEGATIVES and 7 ABSTENTIONS. For those Stockholders present, there were 99 AFFIRMATIVES, no NEGATIVES, and no ABSTENTIONS. Since the records show there are about 831 Stockholders, a quorum is 277 votes. A quorum of Stockholders, by a vote of 371 AFFIRMATIVES, 24 NEGATIVES, and 8 ABSTENTIONS PASSED the motion.

 

4.     LOT SALES

J. POTTS MOVED and O. Svetlichny SECONDED that the Frye Island Incorporated Board of Directors be immediately barred from approving any real estate for sale until a plan of action is presented to and approved by the Frye Island Incorporated Stockholders: that plan of action must include, at a minimum, a description of the use of moneys gained by the real estate sales and a description of how costs associated with the real estate sale can be minimized.

 

C. Hommel MOVED and O. Svetlichny SECONDED an amendment to the motion excluding pumpback and privacy lots from the ban.  After discussion, O. Svetlichny withdrew his second and C. Hommel withdrew his motion to amend the main motion.

 

C. Hommel MOVED and O. Svetlichny SECONDED an amendment to the main motion excluding pumpback lots from the ban.  Amendment PASSED unamiously.

 

K. Giggey MOVED and R. Giggey SECONDED to amend the main motion to exclude only “emergency” pumpbacks.  Motion FAILED 2-72-0.

 

D. Hadley MOVED and K. Potts SECONDED to amend the main motion to require the Frye Island Incorporated Board of Directors to present the plan to the Frye Island Incorporated Stockholders by the July 2002 Stockholders meeting. Motion PASSED by a vote of 54-28-0.

 

The Main Motion as twice amended PASSED 73-1-0.

 

5.     RAFFLE

General Manager Roedner conducted the Lot Owner Raffle. The winners were:

For the $25 prize, owners of Lot 1234, Kenyon L. & Dorothy H. Sweitzer

            For the $50 prize, owner of Lot 1858, Carol A. Schutz, and

For the $100 prize, owner of Lot 1828, Eero J. Hyvonen.

 

6.     Adjournment

The meeting of the Frye Island Incorporated Stockholders was adjourned at 10:25 AM.