FoBVT Member Meeting & Reception

The Taproom will be closed to the public during our reception. We’ll meet under the big tent (rain or shine). Enjoy a cash bar featuring 15 beer selections, wine, and soft drinks. The Friends will provide some delicious food, including appetizers and tasty selections from the TC Taco food truck! 

 

 

The purpose of the Members’ meeting will be for the Members to vote on an amendment to FBVT’s Articles of Incorporation to change its structure from a membership structure to a directorship structure.  Accompanying this Notice is a Summary that describes the changes that will occur if the Amendment is approved. 

 

FBVT’s Officers have discussed the Amendment and recommend that the Members approve it. The Amendment will not be effective unless it is approved by FBVT’s Members.

 

Please make every effort to attend this meeting so your vote can be counted and your views can be heard and considered.

 

 Dated: August 20, 2023                                                              

 

 

It is proposed that the Articles of Incorporation of Friends of the Betsie Valley Trail (“FBVT”) be amended to change its structure from a membership corporation to a directorship corporation.

 

As a membership corporation, FBVT currently has voting members who are entitled to vote on certain matters, including amendments to the Articles of Incorporation and Bylaws, election of Directors, merger, dissolution and other matters allowed by FBVT’s Bylaws. FBVT also has Officers and a Board of Directors who manage the business of FBVT and who have the right to vote on other matters, including business decisions regarding FBVT.

 

If FBVT converts to a directorship corporation, those persons who are the voting members of FBVT will cease to have any voting rights on future matters concerning FBVT and will become non-voting members. This change will result in FBVT’s Officers and Board of Directors having all voting rights, including the right to vote on those matters that members previously could vote on, including voting to amend the Articles of Incorporation, to merge, dissolve and all other decisions regarding the business and affairs of FBVT.

 

FBVT’s Officers recommend that the members approve the amendment.  Generally, it is more difficult and time-consuming to call a meeting of the members; however, the Board of Directors and Officers can usually act more quickly. By changing to a directorship structure, the Board of Directors and Officers will be able to take quick action on issues that require prompt determination.  Except for the change involving member voting, the benefits of FBVT members and membership will not change with this amendment; if anything, the amendment will improve the ability of the FBVT to provide current and future benefits to its members.