Fall is once again upon us and I hope this letter finds you and your family in good health.
The annual shareholders meeting was very productive and we thank each of you for your participation either in person, by zoom or through your proxy. Enclosed you will find the meeting minutes as well as a copy of the officers report that was distributed in person. There are several items that were discussed at the meeting that I would like to elaborate on.
First, we have received a number of questions regarding the transfer and purchase of shares. As defined by the bylaws, a shareholder must be a lineal descendant of Adam Green or Johnny Myers (including legally adopted children of lineal descendants). Spouses are not eligible for shareholder status.
When a shareholder dies, those shares may be transferred to his or her heirs, either as directed by the shareholder’s will or by equally dividing the shares amongst the heirs. Upon the death of a Shareholder, the deceased’s family should contact the Corporate Secretary and provide the following:
1. The original shares certificate (if available) or statement acknowledging that the certificate cannot be located;
2. A completed and notarized affidavit of death (provided by the corporation);
3. A copy of the death certificate;
4. Order of a probate court or other evidence of succession, assignment, or authority to transfer i.e. last will and testament or trust documentation of the deceased;
5. Contact forms for the new shareholders including social security numbers ( the Corporation is required to have that information for compliance with IRS regulations.)
Shareholders are also allowed to sell or transfer shares between shareholders or other family members. The following protocol is required:
- A letter from the selling/transferring shareholder, signed and dated by a notary, stating:
o The number of shares s/he currently has;
o The number of shares to transfer and to whom;
- Surrendered original stock certificate(s) for all shareholders involved (shareholder to shareholder transaction).
Please note: The Corporation may request verification that the potential new shareholder is a member of the Green /Myers family lineage.
The corporation does not set the price for the sale of shares between shareholders. The current value of the share, based on tax year, is on the annual K-1 statement, but the offer amount can be any set by the seller.
From time to time, the Corporation may offer to purchase shares from those shareholders with less than 1 full share. This is important to note as, in order to maintain our S-Corporation status, we must remain under 100 individual shareholders. The Corporation may also at some point offer shares for sale but that option is not currently available.
Second, we are expecting to host the Family Reunion next year, with tentative dates of August 5-7, 2022. More information will be sent out to all family members in January. Please contact Willette Smith at firstname.lastname@example.org if you are interested in participating on the planning committee.
Third, as discussed in the meeting, the shopping center is under new property management. If you are approached about leasing one of the vacancies, please refer all broker inquiries to Craig Massey or Taylor Sekanovich at Avison Young (843) 725-7200.
The board asks for your continued prayers as we press forward with the work of the Corporation. Please contact us if you have any questions.