SIGNANT TWO HOLDINGS LTD

2012 ANNUAL GENERAL MEETING

November 11, 2012 @ 12:00 noon

At Sharyn’s

AGENDA

Meeting called to order at 12:56pm.

Minutes of previous meeting – moved by Sharyn; seconded by Rhonda.

Matters arising from previous meeting

Septic Tank and RDCO Water System Update – Dale

pumped a month ago. Confirmed it is an 800 gallon tank. Operator did a visual inspection and reported that the inlet and outlet baffles look good. We could have waited longer to have it pumped. Dale regularly puts bio stimulant in in the spring to get the organisms up and running. Also the system isn’t used much each year. Good microbial action indicated by thick foam on top. Not much sludge on bottom. Dale has put a piece of 4X4 on top of the cleanout, just below the surface. (about 4 feet behind the main bedroom).

RDCO Water System Update

2 wells across the road from Mr Stubbs old place. Fintry is still operating on the Fintry water system since they have not been able to reach an agreement with Mulberger.

Previously Dale understood that we would have to have our septic tank appraised and possibly updated before being approved to hook up to the new system. He has clarified with the RDCO that it is only “new hookups” that have to be assessed. So we will not have a previously anticipated expense to have our septic tank upgraded.

Realtor Appraisals of Cabin – Dale

A realtor has provided Dale with a number of listings currently on the market as well as properties sold.

Assessments

Century 21 (“Sabina Frankland,” Vernon) – 650K would sell immediately. Higher price would take longer.

Alliance (“Grace Urqhart”) – recommended 750K to 850K, but it would take time.

Remax (“Cliff Wenger”) – 650K is what we can expect to get for the cabin.

The market is still recovering from 2008. Dale noted that there are several properties at Fintry that are not lakefront that are for sale with nothing moving.

Agreement that we do not want to settle for a low price just to get the cabin sold. We may have to wait longer than planned to sell it. Closer to the spring of 2014 we will look at the market again and will put it on the market, as planned.

We will set the price higher than what we expect, planning to settle for 15-20% less.

We will ask what exposure the realtors have internationally.

Culling of items at Cabin – 2012 and 2013

Discussion about culling prior to 2014.

Shareholders began culling personal items Summer 2012.

Vic will be taking the extendable table.

Futon is Jennifer’s.

Mom’s old sewing machine was mentioned as an item that someone might want.

Radial arm saw – Duane expressed interest.

Sharyn recommended an Easter workbee for Easter 2013. (Easter is March 31, 2013.) Interest in workbee expressed by Duane, Dale and Sheila.

Dale will look into putting boat on the market and getting rid of the combination wood and electric stove. 

Cabin use Summer 2014 – Sheila

We will plan to have a final clean-up at Easter 2014. (Easter is April 20, 2014)

Agreed that the Summer 2014 timeslots will span July only, so that each family can possibly have a few days. Agreed that if we had a reasonable offer on the cabin prior to August 1, 2014, and we decided to accept the offer, some or all of the family timeslots for summer 2014 would need to be cancelled, depending on the possession date.

Also agreed that during the month of July, families using the cabin would maintain an agreed-upon standard for cabin tidiness and presentation in the event it is shown to potential buyers during their stay.

Annual Assessment – Sheila

Motion

that we dispense with the Annual Assessment for 2013 and moving forward. Carried.

Other:

Smart Meter has been installed at the cabin. (hydro meter which can be read remotely)

Renovation or Repair Priorities

Agreed that before showing the cabin, we will have to replace the spiral staircase, repair paint around window frames, apply exterior stain, possibly replace the roof.

Present Plan for workbee:

Easter, March 28 to April 1, 2013: culling, applying stain to window moldings and hauling firewood.

Directors Resolutions signed.

Dale will continue as President and Sheila will continue as Secretary.

Year end review

Agreed that everything pertinent was already covered.

Financial statements

Fintry synopsis

Easter Workbee 2013

Dale noted that some trees on the west side of the property need to be cut down.

Status of Shareholders

All are in good standing

Other

Next Meeting set for Sat, Nov 16, 2013 location Sharyn’s, (beginning with lunch at noon)

Meeting adjourned

(Time unknown……..probably grounds for firing the secretary………………….)

Respectfully submitted by Sheila, January 26, 2013.