Frye Island Incorporated Stockholders’ Meeting

Saturday October 7, 2006

Frye Island Community Center


The meeting was called to order at 9:20 AM by President Joe Potts.


  1. President Potts explained two (2) by-law changes implemented by a unanimous vote of the Board of Directors.
    1. 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).
    2. 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.


  1. 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 the Town.

A motion was made by Oleg Svetlichny and seconded by Steve Kaplan to accept the budget as presented. The motion passed unanimously.


  1. 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.


  1. 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.