FRYE ISLAND INCORPORATED
SATURDAY JULY 01, 2006
Call To Order:
President Potts called the meeting to order at 9:08 AM.
J. Potts, D. Norris, D. Gleeson, P. Perry, D.Giggey,
Town Manager W. Fournier and approx 100 stockholders.
The FII, January 2005 – December 2005, Income/Expense and Balance statement was
presented by J. Potts. Several questions were asked about various entries, by
the stockholders present, and answered by President Potts.
Proposed By-Law Change: Subsequent
to the Board’s desire to include Stockholders opinion in any decision to reduce
the number of Stockholders Meetings from two to one, and align the date with the
Columbus Day W/E Town Meeting, a period of open discussion was initiated.
President Potts offered a background summary of what the Board was considering
and why. A concern supported by several stockholders was that an October meeting
could reduce the number of people able to attend and provide input. There did
not appear to be any objection to the reduction in the number of meetings. At
the conclusion of this open discussion period, President Potts confirmed that
the views and opinions that were expressed would help determine any change in
the date of future FII Stockholders Meetings.
moderated a discussion of the survey, which was sent to all Frye Islanders, May
15, 2006. After outlining the concepts presented in the survey, Dick opened the
discussion to the Stockholders. While many of the details of the survey were
accepted as informative and of interest to other Boards of Frye Island, Question
II C, and D, generated some discussion. 71% of the 287 survey respondents showed
support for further development of the idea selling a valuable waterfront lot to
purchase a number of inland lots to reduce the total number of buildable lots on
the Island. Several stockholders present voiced their concern that the FII Board
had (a) established a different agenda, and subsequently different ideas from
the other somewhat coordinated agendas and general understanding between the
operations of the different Boards on the Island, (b) constructed the survey
questions to produce a certain bias, (c) used the proposal to violate the
expectation that all Stockholders entrusted the FII Board to pass assets to the
Town to offset various building and other capital improvements, and (d)
presented the survey in such a way that the Stockholders had no idea what it was
that they were participating in. Other opinions offered questioned potential tax
of the meeting was interrupted with the following motion:
It was moved by stockholder Mark
Thomas and seconded by stockholder Bryan Nisula that from now until the October
2007 FII Stockholder meeting no FII waterfront be sold as buildable lots without
the express approval of the FII Stockholders. Motion passed with a very large
majority, four stockholders opposed.
Election of Volunteers to the FII Board Of Directors:
the Town General Manager, with bios. and vision statements previously published
in the FINS, were presented and accepted by the stockholders
Nominations from the Floor.
none. Dick Giggey announced that he was withdrawing as a candidate for the FII
were made to
the Stockholders by each of the candidates.
Casting of Ballots
accomplished and the results declared. Returning to the Board are Dave Gleeson,
Lot 385, Phil Perry, Lot 276 and Joe Potts, Lot 1633. Newly elected to the Board
are Ed Charrette, Lot 79, and Bob Hannah, Lot 1631.
Adjourn Stockholders Meeting:
President Potts moved
to adjourn and a second was received from the floor. The motion passed.
Meeting Date, Board of Directors:
8, 2007, 7PM; Location - Community Center.