AGM

“PUERTO COLÓN CLUB” (Tenerife) ANNUAL GENERAL MEETING

The Annual General Meeting was held on the 13th August 2007, at 11:00 a.m., at the offices of Puerto Colón SA.

The attendants are: Mr. And Mrs. Evans, Mr. and Mrs. Garret, Mr & Mrs. Johnson, Mr. Juan Lozano (as representative of F.N.T.C.), Mrs. María Auxiliadora and Mr. José García (both of them as representatives of Puerto Colon Club Limited, member of the foundation).

1) Welcoming all those attending the AGM and the introduction of the President. 2) The previous AGM minutes were read, held 17th August 2006. They are approved. It had originally been proposed to hold the Annual General Meeting the 16th August 2007, but Mr. José García couldn’t attend because of personal matters. This is the reason he asked to hold the General Meeting the 13th August 2007, and it was approved. 3) Presentation of Balance Sheets for 2006 and the budget for 2008. Balance Sheets are explained as follows: - Incomes: • Incomes for maintenance, weekly purchases, rentals etc. - Expenses: • It is vitally important when the owners pay as direct debit or bank transfer, point out as clear as possible the name, the apartment and the week they own. There are some payments arriving with no details and we cannot allocate to owners. • The Balance Sheet for 2006 was explained, and there is a benefit of 8.749,90 €, it is a good result. However, the unsold weeks have a loss of 29.481,00 €. Therefore the results are negatives for 2006. • The results included improvements made to drainage, tiles, new furniture in the living room, new shutters on downstairs apartments. Three bathrooms have been renovated and a program is in place for the other to be done by end of 2008.

• It was approved to increase the maintenance fees for 2008 by 5% to cover contingencies and the rate of inflation in the Canary Isles, they are as follows: ... Studio: 261 € ... Apartment: 285 € ... Duplex: 309 €

Payment due by 21st January 2008, late payments will incur a penalty fee of 20%

The Balance Sheet was approved unanimously.

4) Cancellation of debtors weeks. It’s decided to inform by certificated post those owners who haven’t pay community fees for 2006. If they don’t pay in one month to be up to date, the weeks they own will be cancelled and will be transferred to the Club. The weeks for 2007 must be paid before 31st December 2007. Once this date arrives, and the debtors don’t pay community fees, certified letters will be sent and after one month those weeks will be transferred to the Club.

5) Election of the Committee Mr. Siegfried Jacobi is elected again. Other members of the committee continue.

6) Proposals and Questions.

• To repair TV channels and the possibility to add new ones.

• To repair baths until the time they can be replaced.

• To replace floor tiles in various apartments.

• To get new toasters, umbrellas, glasses according to the apartments capacity.

• To Cover the building work at the bar with canes and screening.

• To repair the downstairs entrance gate.

• There is an estimate to refurbish 5 bathrooms this year.

• We will look for companies to assist in selling of outstanding weeks.

• To make a database containing the memberships e-mails, to improve the communications by using website for automatic updates.

• To repair the main doors of the apartments on the upper level. We are looking to replace them from wood to aluminium, maintaining the same colour but more easily maintained.

• We have had problems with the spa due to sun oil. It is essential all members shower before using the spa.

• The swimming pool needs to be repaired and repainted. We are trying to carry out this work during this winter. We will advise dates at the Web Site(www.geocities.com/puertocolonclub ) .

• As we have a “Chiringuito” (Bar) in the Club, we are thinking about the possibility to have a later night at least once a week (till 23:00 hs. Or 24:00 hs.), a barbecue, Karaoke or any kind of shows, idea’s invited, without extra costs for the members, only the food and drinks.

• The date for the next Annual General Meeting was set for 11th August 2008.

• We advise owners there are still weeks for sale at a very good price and also we are renting weeks, which are not currently sold. We would appreciate the support of owners to either sell or rent the apartment’s as they would bring in vital revenue to the club. See website for prices.

The General Meeting ends at 14:00 p.m 13th August 2007.

President of the Board.

José García Beltrán

The 2008 AGM will be held on the MONDAY of week 32. Put it in your diary; MONDAY 11th August 2008 is Puerto Colon AGM.

If you have a question to ask or a proposition or resolution to put to the AGM then it must be with the Resort a minimum of 28 days before the AGM and earlier if possible.

Post can take 10 days to reach the resort so please allow for this. All propositions should be presented as per the constitution and proposed and seconded correctly. They can be delivered by hand or post but not by Fax or Email.

Proxy forms and requests to be considered for committee membership can be sent by Fax or Email as well as by post or hand. Blank forms will default to the chairman who is the Puerto Colon SA representative not a committee member. Tick box for committee President or enter any other person you know will be at the meeting.

If you will be attending the AGM please inform Resort reception 28 days prior to AGM if possible so a bigger room can be arranged if necessary.

If the AGM is at a time other than the weeks you own the club can not provide accommodation so you will need to find your own. The few studios available for rent will be on a first come first served basis.

Hosted by www.Geocities.ws