Palm Worth Annual Meeting Minutes 2011

by admin on February 24, 2011

Palm Worth, Inc. Annual Meeting Minutes
Tuesday, February 15, 2011
2850 S. Ocean Blvd Palm Beach, Fl 33480

CALL TO ORDER Board President, Linda Brennan welcomed everyone to the 49th annual meetingand called the meeting to order at 7:05 PM.

Board members present:

Linda Brennan, President
Glenn Keller, Treasurer
Tom Wallis, Secretary
David Gerwig, Director

Secretary Torn Wallis reported that 27 Shareholders were present and there were 30 proxies so a quorum is met.
Robert Bucchere, LCAM, Palm Worth property manager, is also in attendance.

PROOF OF NOTICE Secretary, Tom Wallis, verifies that he has received and verified the proof of notice of the mailings for the annual meeting.

READING OF THE PREVIOUS BOARD MEETING MINUTES Motion made by Tom Wallis to waive reading of the 2010 Annual Meeting minutes and that they be approved. Seconded by Glenn Keller and approved by all.

PRESENTATION ON THE FIRE ALARM SYSTEM
Mr. Mickey Volk of Florida State Fire and Security gave a brief explanation of the system that would be installed. They will be in each apartment for a brief time as they install the warning horn. This system Does Not detect fire but alerts residents when someone pulls the fire switches. The new system that will be installed in May.    He also answered all shareholders questions.

REPORT OF OFFICERS

A.    Treasurer’s Report

Glenn Keller presented his report based on unaudited results as of 31 December 2010 which is attached.

B.    The Secretary read the following motions to the shareholders:

1. The Board of Directors of Palm Worth, Inc. be authorized to contract the services of Hafer and Company, as our auditing firm and to prepare 2010 Federal and State tax returns.
Seconded by Gerwig and Passed.

2. The Board of Directors of Palm Worth, Inc. retains Laurie Manoff as our corporate attorney until the 2012 annual meeting. Seconded by Keller and Passed

3. The Board of Directors of Palm Worth, Inc. be authorized to cross fund the reserve accounts to the operating accounts, if necessary during 2011 and to  borrow operating funds from the reserve funds, if necessary.
Seconded by Gerwig and Passed

GENERAL MANAGERS REPORT AND EAST STAIRWELL PROJECT

Robert Bucchere presented his report. This report will be made available to all shareholders along with the minutes of the Annual Meeting.

BEAUTIFICATION COMMITTEE REPORT

Will be included with minutes.

SELECTION OF BALLOT COUNTERS

Linda Brennan reports that Dick Wing and Mary Ann O’Bryan have been asked to count the ballots for the Board of Directors Election.

CITIZENS ASSOCIATION REPORT

Robert Bucchere read the report prepared by David Hobson which will be included with the minutes.

PRESIDENT’S REPORT

Linda Brennan Presented 2010 President’s Annual Report which will also be available with the publication of the minutes.

SHAREHOLDER QUESTIONS

Mike Meliquist, responding to a question about the Omphoy’s status, stated that it is currently in Bankruptcy and being operated by the bank holding a $60 million loan. He also reported that the new bank next door should be open in a couple of weeks.

BOARD ELECTION RESULTS

The President reported that Jim Apostolico , Glenn Keller and Juanita Leary were elected to the Board of Directors for two year terms. [In Executive Session the Board of Directors unanimously selected Lenny Lilyholm to complete the term of Bill Hanvey]

ADJOURNMENT Motion by Tom Wallis adjourn at 8:45 PM; seconded by David Gerwig and approved by all.

Respectively Submitted,

Thomas Wallis, Secretary
Linda Brennan, President

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