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In order to avail themselves oC the recreational amenities <br />afforded by Big Island inc., an individual must be a ‘Sharehoidurs - js r-i <br />issuance of 100 shares of Class A and 100 shares of Class B <br />stock. Under the amended Bylaws of Big Island Inc., also executed <br />in February 1989, the total of Class A and Class B shares la <br />limited to 65. A share of Class A stock costs $7,500. The stock <br />is not assignable or transfercMe. A shareholder must sell their <br />stock back go Big Island Inc. at the price they originally pa d <br />for the stock. It further appears that the original price of the <br />Class A share of stock was $6,500. <br />The corporation does not pay dividends, nor does a <br />Shareholder realize any profit, in the event the assets of the <br />corporation appreciate. However, if for any reason the <br />TiSuon °o\J^ <br />proceeds of the sale or condemnation award based upon _their <br />Lnership Interest after all debts and liabilities or the <br />corporation are satisfied. If this contingency were to occur, the <br />individual shareholders stand to recognize a profit froni. <br />investment in the corporation, based upon an appreciation in the <br />value of the real property. This suggests that the corporation is <br />a for-profit rather than non-profit entity. <br />If Big Island Inc.’s status as a for-profit or non-profit <br />indicating its status as a non-profit corporation. <br />Is Big island Inc. a -Erivatfi Club" Of <br />ffithin the Meaning _Qf Orono.MgniciDal Code <br />Section.10.31. Subd. 3^cl? <br />Orono Municipal Code Section 10.31, Subd. 3(c) provides <br />relevant part: <br />nav-Use Recreation Areas. Land or structures owned or <br />used by anv private club, association^, or group of <br />unrelated individuals as a regular meeting place for <br />group activities, including without limitation boating <br />activities, swimming, fishing, picnicking, athletic <br />fields, nature trails, and other day-use. Overnight . . <br />. this category includes day-use scout, church, YMCA or <br />YWCA camps, private non-profit parks, and boating <br />groups, clubs, and associations. <br />Based upon the stated purpose of Big Island Inc., it would <br />appear to be a group of unrelated individuals who meet at Big <br />island for group activities, including without limitation boating <br />-2-