The following key terms and explanations set out the basics of the Ownership Deed that governs our participation in the Riversdale Beach Holiday Park.
The properties proportionate ownership scheme formed by the Ownership Deed – called the “Riversdale Beach Holiday Park Proportionate Ownership Scheme”. The scheme will either be:
- Dissolved in 2042, OR,
- Voted by extraordinary resolution to continue for another 35 years – this could be with modifications such as site allocations or terms and conditions.
Each owner has a proportionate 1/80th equal interest in the property.
No owner has sole power; we are independant co-venturers / a cooperative.
As owner may hold 1 or 2 interests.
There are 80 proportionate ownership interests with rights and obligations.
- Is appointed by ordinary resolution.
- Operates as if with power of attorney.
- Performs all management of property and operation and administration of the scheme business – (clause 7.4 Ownership Deed)
- Approves maintenance / spend up to $10,000. Over this requires approval by ordinary resolution.
- Terminates owners if required – (Clause 12.10 Ownership Deed).
50.01% of Interests are required to vote in favour of the resolution.
75% of Interests are required to vote in favour of the resolution.
For Meetings – at least 50% of the interests are present or represented by valid proxy for ordinary resolutions or 75% for extraordinary resolutions.
- Paid quarterly in advance.
- The amount is set from time to time by ordinary resolution from the owners. This is a contractual obligation.
Transfer of ownership
- An owner can sell or transfer only if the Management Committee approves, AND,
- Pays $500 and any outstanding debts plus interest