Minutes of Signant Ltd.

AGM Saturday, March 2, 1996

Held at offices of Tousignant Young

Present: Vic, Duane, Sheila

1.  Minutes of Previous Meeting – adopted

2.  Matters Arising

Vic spoke with Dad regarding rifles and Dad’s wish was that the rifles be distributed among all the boys. Vic, Duane and Dale will take care of this this summer and any rifles left at cabin will be under lock and key, as dictated by law.

Regarding Winter Use

A fee of $50.00 was discussed for Dale’s labour in the event that someone does wish to use the cabin in the winter and Dale is needed to turn on and off the water. The siblings only have the discretion not to use Dale’s services; however, this would be at their risk. (During phone call after the meeting, Dale confirmed that the $50.00 fee is acceptable.)

The septic tank was pumped out in early July 1995. This was taken care of by Dale.

Regarding #3a:

Vic suggested that we need to decide how major maintenance jobs will be handled in future in the event that any sibling is not able to or chooses not to attend. Shareholders are asked to consider this so that it can be addressed before it becomes an issue.

Regarding Lockers

Duane has procured the lockers and they are presently stored outside at his house. Duane will contact Sharyn to clarify whether Michael will be bringing the lockers to the lake in his truck. If this is not possible, Duane will speak with Dale to see if he may be able to come to Calgary some weekend using the Gold Truck from the lake. His gas would be reimbursed by Signant Two Holdings Ltd.

3.  Additions to Agenda – #12: Maintenance Manual

4.  Positions/Administrators

Vic proposed that the task of Booking Agent be assumed under the President’s role and that the President’s and the Secretary’s positions be extended to a term of two years, effective immediately. Accepted. This provides for continuity. Duane’s role as President and Sheila’s role as Secretary will thus continue until September 30, 1997. In future, the President and Vic will consult annually regarding planning the Annual General Meeting.

5.  Year End Review

It was noted that the roofing job went smoothly and that it was a memorable weekend in many ways. We are very fortunate to have made a new contact in the area, Paulette’s relative, Levy. Not only will we benefit from his assistance in future projects, but also we could ask him in future to check out the cabin from time to time.

6.   a) Summer 1996 Usage

In order of priority:

Rhonda (priority exchanged with Sharyn for Summer 1996) – Aug 11-21, 1996

Duane – July 21-31, 1996

Sheila – Aug 1-11, 1996

Vic – July 11-21, 1996

Dale – presently undecided

Sharyn (priority exchanged with Rhonda for Summer 1996; Sharyn to assume Rhonda’s Summer first priority in the year 2001) – presently undecided

b) Long Weekend Usage In order of priority:

Duane – April 5-7, 1996 (Easter Weekend)

Sheila – April 8-13, 1996

Duane (for Carrie) – May 17-20, 1996 (Victoria Day Weekend)

7.  1996 Property Assessment

The property assessment has gone up from $170,500 (July 1, 1994) to $196,000 (July 1, 1995).

Agreed to continue Annual Assessment to each Shareholder of $500.00. Consider increasing this amount next year if taxes go up considerably due to 1995 property assessment.

8.  Financial Statements

Review of 1995 Mortgage Payments, Taxes, Roof Levy and Roofing Costs. Financial statements accepted.

Current balance in account: $1500.00

9.  Repairs and Maintenance Levy

Agreed that as of July 1996, a monthly levy of $15..00 be instituted to build up a maintenance fund for future repairs and maintenance. Current “roof’ levy in effect:

$25.00/month/Shareholder, July 1995 to June 1996.

10. Manual – Proposed Revisions

Agreed that MAJOR repairs and maintenance be included in Section IV: MATERIAL MAINTENANCE OF CABIN.

Agreed that MINOR repairs and maintenance NOT be mentioned in Section XII: USER’S LOG.

Clarified that User’s Log only to be used to convey important information regarding problems to be monitored, significant happenings or any information deemed significant to convey to other Shareholders.

11.  Signant Two Resolutions

The following resolutions were signed by Vic, Duane and Sheila and will be forwarded for signing to Sharyn, Dale and Rhonda by Sheila:

a.  Consent to Act as Director

b.  Resolution pursuant to Section 136 of the Business Corporations Act

c.  Resolution pursuant to Section 112 of the Business Corporations Act

12.  Archives

Vic suggested we could begin to maintain “archives” regarding Fintry. This could be papers, pictures and anything regarded by the members as pertinent to the history of our land there. For example, pictures of the Potters, building the cabin, roofing bee etc…could be kept in a chest. Vic suggested a metal footlocker would be appropriate. Sheila offered a footlocker she got from Dad. She will bring the footlocker to the lake at Easter.

Meeting adjourned.

ADDENDUM

Subsequent to the meeting, we tried unsuccessfully to reach Rhonda, but did conference with Dale. Sheila spoke with both Sharyn and Rhonda during the weeks following the meeting. For members’ information, the following points #1-4, discussed during the phone call to Dale immediately following the meeting, are added as an addendum to the minutes of the Annual General Meeting. Point #5, discussed with Sharyn in June, is also included.

1.  Provincial Park

It is Dale’s understanding that the Provincial Park at Fintry will encompass the estate and the benchlands above the High Farm Road. Sheila will make copies, for the members, of the newspaper articles which Dale sent to Mom regarding the Provincial Park.

2.  Firearms

Dale will buy trigger locks and put the rifles and ammunition above the bathroom at the cabin.

3.  Trucks

a.  New Truck (gold)

It was agreed that the truck is needed for hauling wood and building supplies. Presently, the truck is still licensed and registered in Dad’s name. Dale will send the serial number to Vic who will then take care of transfering ownership to Signant Two and insuring.

b.  Old Truck (green)

Dale will check insurance on old truck and send a copy of the information to Vic.