FRYE ISLAND INCORPORATED STOCKHOLDERS MEETING

SATURDAY, JULY 3, 2004

FRYE ISLAND COMMUNITY CENTER

 

1.)   President Nancy Fournier called the meeting to order at 10:05 AM. She made a brief presentation explaining the rational of why the various FII properties were picked for transfer to the Town.

 

2.)   Joseph Potts MOVED and Director Hommel SECONDED the following motion:

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 & responsibility for the operations to the Town of Frye Island Executive Committee for the conveyed assets.

The motion PASSED with 26 negative votes.

 

3.)   Property Transfer Motions

 

Director Hommel MOVED and Bob Roberts SECONDED the following Motion: To authorize the Board of Directors of the Corporation to offer to convey the Marina and Quail Circle Canal, and all Marina related improvements and assets of the Corporation to the Town of Frye Island, including without limitation, all docks, facilities and property, subject to all restrictions, easements and rights of record.

 

Director Hommel MOVED and Director Perry SECONDED the following Motion: To authorize the Board of Directors of the Corporation to offer to convey the Frye Island Golf Course, and all Golf Course related improvements and assets of the Corporation to the Town of Frye Island including without limitation, all associated equipment, facilities and land described as “Running Hills Golf Course” on the Town of Frye Island Land Use Map dated September 1, 2003, (edited 09-05-03) subject to all restrictions, easements and rights of record. (Includes undeveloped nine holes.)

 

Director Hommel MOVED and Director Babineau SECONDED the following Motion: To authorize the Board of Directors of the Corporation to offer to convey Lot # 1 and the building currently being used as the Town of Frye Island Administrative Offices including the adjacent land identified as “Water Oriented Commercial” on the Town of Frye Island Land Use Map Dated September 1, 2003 (Edited 09-05-03) and all related improvements and assets of the Corporation to the Town of Frye Island including without limitation, all associated equipment, facilities and property, subject to all restrictions, easements and rights of record.

 

Director Hommel MOVED and Director Babineau SECONDED the following Motion: To authorize the Board of Directors of the Corporation to offer to convey Lot # 2 and the building currently being used as the Town of Frye Island Post Office and all related improvements and assets of the Corporation to the Town of Frye Island including without limitation, all associated equipment, facilities and property, subject to all restrictions, easements and rights of record.

 

4.) Motion to accept past actions of the Stockholders and the Board of Directors

 

Director Hommel MOVED and Director Babineau SECONDED the following Motion: Move that the corporation ratify and affirm those acts taken on its behalf by the stockholders and Directors for the years beginning on October 12th 2003 through July 4th 2004.

 

5.) Election of Board of Directors

a.)   Call for nominations

           The following were nominated to serve on the Board of Directors:

`                       Jackie Atkinson

                        Diane Babineau

                        Nancy Fournier

                        Richard Giggey         

                        Carlton Hommel

                        Tim McCarthy

                        Richard Norris

                        Philip Perry

                        Joseph Potts

                        Jan Roberts

 

6.) The meeting went into Recess while the votes were counted.

           

7.) The meeting was reconvened at 11:45 AM.

 

8.) Board of Directors Election.

           The following were elected: Jackie Atkinson, Diane Babineau, Nancy Fournier, Richard Giggey, Carlton Hommel, Richard Norris, Philip Perry, Joseph Potts and Jan Roberts.

 

9.) Property Transfer and Past Stockholders/Board of Directors Actions Votes

            Director Hommel announced that a quorum of Stockholders is 256, and a total of 415 votes were cast.

 

            The motion to transfer the Marina to the Town PASSED by a vote of 273 to 142.

            The motion to transfer the Golf Course to the Town PASSED by a vote of 288 to 127.

            The motion to transfer the Administration Building to the Town PASSED by a vote of 316 to 99.

            The motion to transfer the Fire barn to the Town PASSED by a vote of 319 to 96.

            The motion to accept past actions of the Stockholders and Board of Directors PASSED by a vote of 322 to 90.

 

10.) It was announced that the raffle will be performed at a later date, and the results printed in the FINS.

 

11.) The meeting as adjoined at 12:15PM.