The Cordova Bay Community Club is an incorporated society under the Societies Act of BC and is the sole and unencumbered owner of the Sutcliffe site.
So, what does being incorporated mean? It means that Cordova Bay Community Club (CBCC) is a separate entity with the power to do just about everything that an individual person can do. It has the same rights, privileges and responsibilities that an individual person has. CBCC can negotiate contracts, hire staff, sue and be sued, establish rules and regulations for the operation of the facility. The decisions for these things lies with the Board of Directors and their decisions are reported to the members via the minutes of meetings of the Board and at the Annual General Meeting (AGM). Members of the Board are elected to 3-year terms with 3 directors being elected at each AGM.
CBCC, being a society, is also a not-for-profit organization. So, what does this mean. It means that the society can operate the facility in such a manner that they may and can realize an operating surplus (a.k.a profit). Many people believe that as a non-profit organization we are not permitted to make money – this is false. The society cannot share the accumulation of profits with their members in any form unlike what a corporation/company can do by declaring dividends to their shareholders.
If our society were to be dissolved or wound up, CBCC cannot distribute its assets (land, buildings, equipment, cash on hand and in banks, investments, etc.) to the membership of the society. CBCC can only transfer these assets to another society with similar objectives and arrange for a transfer of the assets to that society.
If no such society can be found or no society wants to accept the transfer of assets, then the assets must be transferred to the provincial government to be distributed to other purposes.
Last Updated on January 21, 2020 by admin