Island Incorporated Stockholders’ Meeting
Saturday October 7, 2006
Island Community Center
The meeting was called to
order at 9:20 AM by President Joe Potts.
- President Potts
explained two (2) by-law changes implemented by a unanimous vote of the
Board of Directors.
The first established the majority vote
needed to pass a motion at a Board meeting to be 51% of number of
elected directors, necessitated by the reduction in Board members from
nine (9) to five (5).
The second reduced the number of
regular Stockholders meetings to one per year with the meeting to be
held during the Labor Day weekend. This change was made in an effort to
make the meeting available to more islanders.
President Potts stated that the stockholders
could vote to over turn these by-law changes if it was felt necessary. There was
no discussion from the stockholders.
- President Potts
reported on the current finances and presented the budget for 2007. The
budget anticipates a loss for the 2007 financial year of $965 and explained
that the Board approved this loss instead of having to raise the lease to
A motion was made by Oleg Svetlichny and
seconded by Steve Kaplan to accept the budget as presented. The motion passed
- Carl Hommel asked to
make a motion that was not on the published stockholder meeting agenda. It
was moved by Carl Hommel and seconded by Dick Norris to reserve Frye Island
Inc. lots 1601 & 1602 on Ridge Road for future beaches. A number of
stockholders commented and President Potts stated that the Board had no
intention of selling or transferring these lots for the next three (3) or
four (4) years and reminded everyone that a motion passed at the July 2006
stockholders meeting no FII waterfront be sold as buildable lots without the
express approval of the FII Stockholders prior to 2007 stockholders meeting.
A motion was made by Oleg Svetlichny and seconded by Ed Charrette to table the
motion. 51 stockholders voted in favor of tabling the motion, 19 stockholders
voted in opposition. Therefore the motion to reserve lots 1601 & 1602 for
beaches was tabled.
- A motion was made by
Oleg Svetlichny and seconded by Ernie Wrzesinsky to adjourn the meeting. The
motion passed unanimously and the meeting was adjourned at 9:50 AM.