Here you will find important information pertaining to the shares process in the organization of Arden Beaches, Inc., what those shares entitle an authorized property owner to, and how to purchase shares, and/or transfer shares to another authorized property owner.
What do ABI shares mean to me?
Shares purchased in ABI entitle shareholders to run for and serve on the Board of Directors, as well as participate in the voting process conducted at the annual shareholders meeting. Shares purchased supplement ABI's general fund for much needed property operations and maintenance, but have no other monetary value. Owning shares in the corporation for voting power does not entitle shareholders to ownership of ABI property. Shares are assigned to the respective qualifying lot ownership and remains with the property during a property transfer unless the shareholder transfers said shares to another qualifying lot owner prior to settlement for the sale of the property. Shares can be transferred to another qualifying lot owner using the Shares Transfer Form with the exception of one (1) share issued to every lot owner during the payment of the 2024 mandatory user fee. This share is non-transferable and remains with the property, regardless of owner, thereby giving every lot owner the opportunity to participate in ABI business and have a voice in ABI voting matters. Participation as a shareholder is optional but highly recommended in order to have a voice in the business matters of ABI.
shares history in brief
In the beginning, Arden's beaches were owned by a business known as Beach Shores, Inc./Sunrise Beach, Inc. In the early 1970s, the Arden Civic Association, now known as the Arden Community Association (ACA) identified many concerns about the condition of the properties and lack of maintenance and security. Concerns were expressed regarding inadequate enforcement of the rules and keeping the property private for the exclusive use of authorized Arden residents. This concern resulted in the creation of the ACA Beach Buying Committee tasked to research and conduct a feasibility study for the purchase of Beach Shores, Inc./Sunrise Beach, Inc. and its affiliated beach and park properties. After several years of research and solicitation of community interest, an offer was made and accepted by Beach Shores, Inc. and the organization was purchased and properties were deeded to a newly established organization created by ACA called Arden Beaches, Inc. (ABI) in 1976. By-Laws were established which included the process of purchasing shares and voting on business matters, and a Board of Directors put in place to collect and manage mandated fees, manage beach operations and maintain beach properties.
A shareholder can vote on matters with a minimum of one share. The shares purchased remain with the property lot unless transferred before property transfer. No more than 5% of the total outstanding shares can be held by any one (1) owner. Ownership of shares does not make a shareholder the owner of ABI properties. Shares provide shareholders the opportunity to serve on the Board of Directors and voting power within the organization.
Share cost = $50/each. Shares can be purchased using the ABI Shares Purchase Order Form or click below.
For questions, contact the ABI Registrar.
ABI is required per the By-Laws to hold an annual shareholders meeting whereby matters requiring the attention and vote by the shareholders are presented and acted on. Each share owned equals one vote. Proxy voting is permitted by completing the SHARES PROXY FOR VOTING FORM assigning your votes to a fellow shareholder to cast in your absence. Current Board members may not cast proxy votes for another shareholder.
Voting business includes the proposed annual operating, revenue, and capital budgets, board members seats up for election/re-election, Bylaw amendments, policy issues, Membership, and other specific matters requiring shareholders vote.
Can't attend in person but would prefer to vote yourself? ABI will recognize mail-in voting (via email) originating from the email on file with ABI records for shares ownership verification purposes. Mail-in voting details are provided prior to the in-person voting event with a specific timeframe for casting.