The Clubhouse Trust

On September 17, 2009 Woodland Alliance informed the property owners that plans for construction of the clubhouse would be delayed indefinitely, given that an overwhelming majority of the members were not in favour of the clubhouse proceeding.

On November 30, 2009, the Trustees of the Woodland Heights Clubhouse Trust informed contributors to the Trust that as of September 30, 2009 55 owners had contributed a total of $341,000 to the Trust. Article 14 of that letter also stated that in the event that the Clubhouse project is not constructed by December 31, 2014 and clear title to it turned over to the Association or otherwise contemplated in section 5 the balance of the Trust Fund will be paid and divided among the then beneficiaries pro-rata in accordance with the amount of the Deposits paid by them or their predecessors and the accumulated net income of the Trust Fund shall be transferred to the Association. Further, in the event of non-construction as contemplated above, the Settlor agrees to immediately restore to the Trust, amounts previously withdrawn for pre-construction.

At the 2010 AGM held on October 16, 2010 the auditors of the Trust reported that 56 beneficiaries to the Trust were listed, the total value was $347,000 but that 4 of the listed contributions were unverified at that time. As reported in the September 9, 2011 Board Meeting Minutes, the Board was informed in mid-Summer that the 4 named beneficiaries were removed from the list. The result is that, as of mid-2011, the Trust had 52 beneficiaries and a total value of $323,000.