What is the name of your state (only U.S. law)? South Carolina
I bought a home on a lake in the mountains 15 years ago. The homeowners are members of a corporation, since I bought the home they said we are members of the corporation. The corporation was formed in 1956, chartered in the state of SC with the general nature of business to do; owning and operating a lake, water line and other utilities and recreational facilities and for the further purpose of buying, owning and selling real estate. The man who owned the property here divided it into lots (sold them) built a lake that the homeowners use. Preferred stock and common stock were sold, we have the original bylaws pertaining to voting rights, lake regulations. The corporation is in good standing with the state of SC. Since the corporation was formed the founder passed away, several years later his wife passed away and now their daughter does not want anything to do with the corporation. There are only 3 people who can produce any shares of stock, there is no record who purchased the original stock. Any stock owned by the founder was not willed to his wife or daughter.
What would be the path to determine the validity of the corporation as to who owns its assets (lake,dam), corporation purpose (none of the items are being done in the present structure) and who has control and voting rights as specified in the original by-laws, (the homeowners changed the bylaws a couple of years ago but did so with votes from people who do not hold stock in the company)? Is it possible to reissue stock to the current homeowners if they did not originally purchase any?
The lake and dam mentioned was deeded to the corporation when it was formed for a price, so who owns it with no stock shares?
Could this corporation be dissolved and turned into a Home Owner's Association.
Thanks
JG
I bought a home on a lake in the mountains 15 years ago. The homeowners are members of a corporation, since I bought the home they said we are members of the corporation. The corporation was formed in 1956, chartered in the state of SC with the general nature of business to do; owning and operating a lake, water line and other utilities and recreational facilities and for the further purpose of buying, owning and selling real estate. The man who owned the property here divided it into lots (sold them) built a lake that the homeowners use. Preferred stock and common stock were sold, we have the original bylaws pertaining to voting rights, lake regulations. The corporation is in good standing with the state of SC. Since the corporation was formed the founder passed away, several years later his wife passed away and now their daughter does not want anything to do with the corporation. There are only 3 people who can produce any shares of stock, there is no record who purchased the original stock. Any stock owned by the founder was not willed to his wife or daughter.
What would be the path to determine the validity of the corporation as to who owns its assets (lake,dam), corporation purpose (none of the items are being done in the present structure) and who has control and voting rights as specified in the original by-laws, (the homeowners changed the bylaws a couple of years ago but did so with votes from people who do not hold stock in the company)? Is it possible to reissue stock to the current homeowners if they did not originally purchase any?
The lake and dam mentioned was deeded to the corporation when it was formed for a price, so who owns it with no stock shares?
Could this corporation be dissolved and turned into a Home Owner's Association.
Thanks
JG
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