Thetis Island Community Association
Extraordinary General Meeting
Sunday, December 8, 2019
2:30 p.m.
Pioneer Pacific
Attendance: 122 eligible voters (TICA members in attendance)
Votes held:
Vote 1: to add amendment to original motion as below
Original motion:
Resolved that the directors be authorized to borrow money to complete the expansion of Forbes Hall.
Amendment to be added to the Motion
Resolved that:
1.The Society borrow up to $500,000(the “Loan”) for the purposes of completing the Community Hall expansion, on such terms and from such lenders (the “Lenders”) as the Directors in their discretion determine is in the best interests of the Society;
2. In order to secure the Loan, the Society grant to the Lenders security, by way of a general security agreement charging all of the present and after acquired personal property of the Society, and a mortgage charging the real property owned by the Society, together with such other security as may be reasonably required by the Lenders (collectively the “Security”);
3. The President and one additional director of the Society be and the same are hereby authorized to execute the Security on behalf of the Society.
Results of vote
Vote required 50% plus 1 to approve adding amendment to motion.
121 votes casts
Yes =82 No= 39
Yes vote was 68%. Motion carried.
Vote 2.
To approve the amended motion below.
Motion:
Resolved that the directors be authorized to borrow money to complete the expansion of Forbes Hall.
Resolved that: 1.The Society borrow up to $500,000(the “Loan”) for the purposes of completing the Community Hall expansion, on such terms and from such lenders (the “Lenders”) as the Directors in their discretion determine is in the best interests of the Society; 2. In order to secure the Loan, the Society grant to the Lenders security, by way of a general security agreement charging all of the present and after acquired personal property of the Society, and a mortgage charging the real property owned by the Society, together with such other security as may be reasonably required by the Lenders (collectively the “Security”); 3. The President and one additional director of the Society be and the same are hereby authorized to execute the Security on behalf of the Society.
Results of vote:
As this was a special resolution it required 66% approval
124 votes cast
Yes = 75 No = 49
Yes vote was 60%; not enough for approval; motion failed
Post meeting note:
After meeting ended, it was noted that there were more votes cast (124) on the second vote than eligible voters (122) so the vote is invalid. Another vote will be held at a future date.
Sunday, December 15, 2019 at 12:54PM 
