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 maintenance projects, but have no other monetary value. Shares are assigned to the respective qualifying Sunrise Beach lot/property and ownership remains with the property during a property transfer unless the shareholder completes the shares transfer form prior to settlement for the sale of the property. Shares can be transferred to another qualifying Sunrise Beach lot owner using the Shares Transfer Form.
In the beginning, Arden's beaches were owned by a business known as Sunrise Beach, Inc., then Beach Shores, Inc. In the early 1970s, the Arden Civic Association, now known as the Arden Community Association (ACA) there were many concerns about the condition of the properties and the lack of maintenance and enforcement of the rules to keep them private were expressed and discussed which resulted in the creating of a Beach Buying Committee to research and feasibility of purchasing the beach properties. After several years of research and solicitation of community interest, an offer was made and accepted by Beach Shores, Inc. and the properties were deeded to a newly established subsidiary organization created by ACA called Arden Beaches, Inc. (ABI) in 1976. By-Laws were established which included the process of purchasing shares, and a Board of Directors put in place to manage beach operations and maintain beach properties.
Only current owners of a residential lot shown on the original subdivision plat of Sunrise Beach may purchase a membership certificate (or share) in the corporation. A shareholder can vote on matters with minimum of one share. The shares purchased remain with the Sunrise Beach lot unless transferred before property transfer to another Sunrise Beach lot owner. No member(s) singly or jointly, owning one lot as described in Article III, Section 1 of the bylaws, will ever be permitted to collectively own more than five (5) percent of the total outstanding votes.
Share cost = $50/each. Shares can be purchased using the ABI Shares Order Form.
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. Shareholders may also cast proxy votes for a shareholder unable to attend by completing the PROXY SHARE FORM.
Voting business usually includes the proposed annual budget, board members seats up for election/re-election, and special matters related to changes to the By-Laws, Membership, and other specific matters requiring shareholders vote.
Can't attend in person and would like to proxy your votes to a fellow shareholder? Simply complete the PROXY FORM online or PRINT and complete a form and bring it to the vote.