FRYE ISLAND INCORPORATED STOCKHOLDERS’ MEETING

SATURDAY, JULY 2, 2005

FRYE ISLAND COMMUNITY CENTER

1. CALL STOCKHOLDERS’ MEETING TO ORDER:  President Joseph Potts called the meeting to order at 9:30 AM.  Seven of the nine Directors were in attendance.

2. REPORTS: 

1. President Potts gave the 2004 year end financial report for FII.  Total assets decreased from $475,050 for 2003 to $101,494 at the end of 2004.  Of this, current assets (including cash) went from $134,032 to $6347, respectively.  These figures are reflective of the 2004 assets transfer to the Town of Frye Island and of the major repairs paid for to the Community Center and the Administration Building prior to their transfer.
2. Further, he reported on the status of the asset transfer to the Town.
3. The Stockholders were apprised of the Board of Directors vote at its May 28, 2005 meeting to reduce the number of Directors from nine to five.  This reduction is reflective of the greatly reduced activity required of the Board ongoing.

3. OLD BUSINESS:  there was none.

4. NEW BUSINESS:

MOTION by M. Hommel, seconded by E. Charrette to place the six previously submitted nominations onto the floor to fill the five Director positions by vote of the Stockholders..  The candidates were: Carlton Hommel, David Gleeson, Joseph Potts, Richard Giggey, Richard Norris, and Phil Perry.  There were no nominations from floor.  MOTION passed unanimously.

The candidates each briefly introduced themselves to the Stockholders before the vote was taken.

Upon the counting of the ballots, two of the candidates were tied with the least number of votes.  Carlton Hommel then withdrew his name from consideration leaving the remaining five candidates to fill the requisite five positions.

MOTION to adjourn the FII Stockholders’ meeting at 10:15 AM by Dave Treacy, seconded by Patricia Karpacz.  MOTION passed unanimously.

Respectfully submitted,

Phil Perry, Secretary