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Figure 1, Goal: Change Share Structure, Early opt-out - occurs once value…
Figure 1
Goal: Change Share Structure
initial structure
KH - 1/2 share
JC - 1/3 share
TD 1/3 share
LC - 1/2 share
CC 1/2 share
MD - 1/3 share
FD - 1 share
MH- 1/2 share
NDL Umbrella
Collect statements of intent regarding cabin ownership
Conditional pre-requisite - intent to remove family cabin properties from the financial responsibility of NDL umbrella
the intent is to have this occur once the remaining NDL properties are sold and a value has been established for the family cabin properties
Collect statements of intent from all shareholders
the intent is to keep the cottage under NDL legally but not financially
one year - deadline - August 2022
Re-establish the share structure based on statements of intent
individual based share structure
family based share structure
Trial period for proposed new share holder structure of remaining cottage owners
$6000/yr (approximate estimate) expenses per year ( per family would be ($900 - $1500/yr) - not counting extraordinary expenses
Late opt-out - to be determined once step 3 is reached.
future changes to shareholder structure based on the cottage share agreement at that time
determine who can afford the family cabin expenses - to be established in the cottage sharing agreement based on proposed new share structure
family cabin expenditures covered by NDL assets
Early opt-out - occurs once value has been established
voluntary opt out
compensation based on market value on date of sale
propose a new shareholder structure, based on the individual statements of intent
the cottage share agreement is established
establish equal shares with compensation - based on the market value of the cabin property
establish conditions of compensation if the cottage is sold within 3-5 years - compensation for those who opted out
compensation for repairs or contribution to expenses if needed
AGM 2021 resolutions
remain by family or individual) - (example 3 or 4 families or 6-8 individuals)
depends on who opts out
Opt out of holding a share with compensation to be determined in another resolution