Rockaway Beach Resort Online Ballot & Documents
The ballot for voting will go live on 17 March 2023 and close on 31 March 2023. If sufficient votes are received prior to that 31 March 2023 to determine the outcome of the vote (i.e. is at least 951 votes are cast for one of the options), then the ballot will be closed at that time. In the event that insufficient votes are received prior to 31 March 2023, the Board of Directors may elect to extend the deadline for voting, at its sole discretion. Oversight of the election process, including tabulation of ballots, will be administered by our Association legal counsel Harker Lepore.
Please read the letter to owners below by clicking on the document link. Links to supplement supporting documents are also available below.
On the ballot below you will be asked to vote for one of two options: 1)liquidation; or 2) remediation.
If you own more than one share, you must cast a separate ballot for each share owned.
By choosing LIQUIDATION, you are voting in favor of ALL of the following:
Authorization for the Board of Directors to sell all assets of the Resort;
Amendment of Article 4 (Dissolution) of the Articles of Incorporation to read:
Upon dissolution the Corporation’s assets shall be liquidated and the proceeds shall be first paid to all creditors, then distributed to shareholders in proportion to the following formula: [shareholder’s proceeds] = [Corporation’s liquidated assets] * [shareholder’s shares]/[1900-Number of Shares owned by Corporation]; and
Authorization to dissolve the corporation in accordance with the plan of dissolution.
By choosing REMEDIATION, you are voting in favor of the Board of Directors doing any or all of the following:
The Board shall schedule, budget, and contract safety and remediation work to extend the building life for 40 or more years;
The Board may obtain financing to enable acceleration of the remediation work;
The Board shall use best efforts to maximize rental income to offset costs of remediation;
The Board shall assess shareholders to raise capital for remediation and to ensure that reserves are properly funded in accordance with a reserve study.