Important Information about Memberships
Important Information about Memberships:
- Purchasers(Buyers)/Transferees/New Members: Please be informed! This is your responsibility and we are here to help. Read all of the information and ask questions. Visit our facility. Meet other Members. Informed Members are HAPPY Members and that is all we wish for here at Pointe Marine.
- Sellers/Transferors/Stockholders: Inform your “buyers” and be honest about your experience and reasons for selling. This will make your sale go much smoother and will eliminate any ill feelings about the purchase.
- Download the Buy/Sell Packet which contains all the necessary forms.
- Pointe Marine does not broker the sale of any stock. Stocks are bought and sold privately, between the individual purchaser and seller.
- There is a $250.00 transfer fee for stock sales. This must be paid in full before we will issue the new member a stock certificate or otherwise recognize the sale of the stock. Please address the matter of who will be responsible for the payment of this fee when you negotiate the purchase or sale of your stock. Any insufficient payments will be returned immediately to the payer and the new stock certificate will become VOID until proper payment has been made.
- The selling price of any stock must be approved by the Pointe Marine Board of Directors. When you are ready to sell your stock, you must fill out Part A of the Buy/Sell Packet titled “Membership Sale/Transfer Request” which will be presented to the Board of Directors for approval at the next scheduled Board Meeting. It is best to have your “purchaser” or the potential “new member” fill out Part B of the Buy/Sell Packet titled “New Member Application” and submit it for review at the same time you submit for the sale of your membership. This helps to expedite the process.
- Pointe Marine must exercise or decline its “First Right of Refusal” before stock can be issued to a new member.
- Any person wishing to become a member must first be approved by the Pointe Marine Board of Directors.
- You will be required to fill out a “New Member Application” that will be reviewed and decided upon at the next scheduled Board Meeting. The Board of Directors typically meets once a month. It is highly recommended that you receive your approval PRIOR to purchase of any stock.
- Pointe Marine recommends that you review the Pointe Marine Association By Laws carefully when considering your stock purchase and membership. If you have any questions you may contact our front desk for assistance. We feel it is important that you understand the rules that govern our marina so that you can make an informed decision about membership.
- If you wish to list your stock for sale, Pointe Marine will post your information on our website at www.pointemarine.com. This means that your contact information will be made public. Please consider this carefully when you submit your contact numbers. If you wish to change your list price, you must give Pointe Marine 1-2 weeks from the date of your request to change the dollar amount listed on our website. Change requests must also be submitted in writing. In most cases, we can make updates and postings much sooner but we do ask for your patience as this advertising is a free service provided to our members.
- Upon selling your stock, you must provide Pointe Marine with your ORIGINAL stock certificate so that it may be retired properly in our Stock Certificate Book. If you have lost your original certificate, you must fill out an “Affidavit of Lost Stock Certificate” which is included in the “Buy/Sell Packet”. This will require a signature by a Notary. For this reason and to avoid the hassle, it is not uncommon for our Members to have Pointe Marine hold their original certificates. In this case, we will provide you with one copy of the original certificate once it is issued, for your records. Whether you hold it or we do, is entirely up to you.
- Your billing account with Pointe Marine must be kept CURRENT for us to list or continue to list your stock for sale. Your account with Pointe Marine must be PAID IN FULL before your stock can be sold. In the event that there are no stocks for sale, prospective members may wish to be placed on a waiting list. To do so, you must fill out a “New Member Application” and have it approved by the board. Once approved you will then be placed on the list on a first come, first serve basis. If you decline to purchase the next available stock that is for sale for any reason including price; you will be moved to the bottom of the list. Please watch our website and contact our office immediately when any new posting have been made to the “Stocks For Sale” page. We will inform you of your position.
Overview of Procedures – Sellers
- List your stock by contacting our office with a written request. The information that you must include in your request is as follows:
Please allow 1-2 weeks for this to post to our website. The office will submit the request to the Board President for approval of the list price and send it on to our website administrator for posting once it is approved.
If you wish to adjust or change your list price, you must submit a request for the change in writing and we will process it in the same manner as the original request.
Again, you must allow 1-2 weeks for the changes to post on our website.
Please feel free to scan your signed request and email it to firstname.lastname@example.org. You may also fax the request to (231) 744-4149
You will want to make sure that you have the Original Stock Certificate in your possession to offer at proof to any buyer. If your Original Stock Certificate is being kept at the Pointe Marine Office, call us to verify that we have it and we will get it ready for you to pick up. If you are unable to find the Original Stock Certificate, this is the time that you will want to take care of filing an “Affidavit of Lost Stock Certificate”. Upon receipt of the affidavit, we will VOID the lost certificate number and reissue you a new original so that you will be fully prepared to sell your stock.
Once you have a committed buyer for your stock, you will need to fill out a “Membership Sale/Transfer Request”. Once complete, you must submit this to the Pointe Marine Office by mail, email or fax.
Your request will then be submitted for approval at the next scheduled Board Meeting. We apologize for any inconvenience but this process is necessary to maintaining the value of the stock.
The Pointe Marine Board will decide to exercise or decline its first right of refusal and whether to approve or disapprove the selling price of the stock.
Our office will inform you of its decision. It is recommended that you also have your buyer fill out the “New Member Application” for submission at the same time you submit your “Membership Sale/Transfer Request” so that both can be reviewed by the Board simultaneously. This will save waiting another month for the next Board Meeting to find out if your buyer has been approved as a new member.
Call our office to verify that the sale of your stock has been made and that the purchaser has met all of the terms of your agreement. You will want to turn over your Original Stock Certificate to the purchaser so that he/she will be able to hand it in to our office for retirement and for the re-issue of a new stock certificate in the purchaser’s name.
- The date of the request.
- Your name printed
- Your current mailing address
- The phone number for contact that you wish to have listed on our website.
- The stock number and the date that you purchased your stock, if available.
- Your most current slip number. If you are an inactive member who is not maintaining a slip assignment, please indicate so.
- The list price or “asking” price of your stock.
- The reason for selling your stock.
- Your legal signature.
Overview of Procedures – Purchaser
- Review the “Stocks For Sale” list and contact individuals regarding the purchase of their stock.
- If you have agreed with the terms of the sale and are committed to purchasing the stock, fill out the “New Member Application”. This is Part B of the Buy/Sell Packet. Submit the form to the Pointe Marine Office. Talk to the person that you are purchasing the stock from or the “seller”. It is recommended that, once a sale price is established, your application be submitted at the same time that the “seller” submits his or her “Membership Sale/Transfer Request” for the Board of Directors’ review. Since the Board only meets once a month, this will save you the wait and any issues with the selling price of the stock or with your membership application can be addressed at the same time.
- Keep in touch with the “seller” to find out about Board approval or give our office a call after the scheduled date of the Board Meeting.
- Upon approval of the Board, you will then be secure to complete the stock purchase transactions
- Some important questions to ask your “Seller” are listed as follows:
Inform our office when you have completed the terms of your agreement with the seller and the sale of the stock is complete. We will confirm that the “Seller’s” account balance has been paid in full. If this is the case, we will open an account for you under your new membership status.
In 2-3 weeks we will issue your new Original Stock Certificate. If you wish for us to hold it in the care of our office, we will mail you a copy for your records. Let us know what you would like us to do. Contact our office for information on your new slip. We will work to get you into a slip that is satisfactory for the season. The following year we will work to assign you a permanent slip. Let us know your needs and preferences.
- Is your Pointe Marine billing account paid in full?
- Are you willing to give the Marina written permission to discuss the account and verify that there is no balanced owed?
- When will you be doing that?