Extract of By-laws


Art. 1 – Constitution, registered office, duration

The Costa Smeralda Property Owners Association  ( Associazione Proprietari di Immobili in Costa Smeralda A.P.I.C.S.) has been constituted with the registered office at the pro-tempore President of the association’s address; it is governed by the actual Bylaws and by the  Italian Civil Code Law. The Association’s duration is unlimited. The Association will be extinguished when the number of the members are less than 100 ( one hundred).

Art. 2 – The character of the Association

The Association has a voluntary character, it is autonomous and independent of any type of political party or movement and it is a non-profit organisation.

Art. 3 – The purpose and aim of the Association

The Association proposes:

§        To improve the quality of the Costa Smeralda and as a result to better the holiday period in  the associates’ properties;

§        To elongate the turistic period with cultural and sports events;

§        To increase the value of the owners property;

§        To put forward proposals to better the services managed by the Local Council of Arzachena and by the Consortium Costa Smeralda and by the companies controlled by them. To enable a better efficiency.

Art. 4 –  The associates duties and responsibilities

Every person or company can be a member of the Association  who are owners of property or have shares in multi-share property in Costa Smeralda, or boat berths in Porto Cervo Marina, who in any case are part of the Consortium Costa Smeralda.

The subscription starts from 1 January of the year in which the subscription is paid and this entails the payment of  Euro 25,00 which is the full annual amount.

Art. 5 – The Association Bodies

The bodies of the Association are:

§        The Shareholder Meeting

§        The Board of Administration

§        The President

No position receives a compensation. The Board of Administration can decide on the refund of expenses sustained by the associates for specific commitments on behalf of the Association.

Art. 6 – The Shareholders’ Meeting

The Association has its sovereign body in the Shareholder’s Meeting. All members have the right to participate whether the meeting is ordinary or extraordinary and that all members have paid their annual dues.

Art. 7 – The Board of Administration

The Board of Administration is made up by six members elected by the meeting and by the President.

The Board remains in power for three years and however up to the Shareholder’s meeting  when it will renew the positions; such meeting will be convened at the end of the two years.

The Board will meet always with one call, at least once every four months and in any case each time the President deems it necessary or when it is requested by three members.

There needs to be a quorum of members to validate the resolutions, in the event of a draw-vote the President’s vote is the prevailing vote. The board is presided over by the President and in his absence , the most senior member present.

 The minutes of the meeting will be recorded in the Association’s Minute Books , the document will be signed by whom presided over the meeting and by the Association Secretary.

The Board is empowered with ample powers for the ordinary and extraordinary management of the Association.

Art. 8 – The President

The President is elected by the Shareholders’ Meeting and holds the position for three years, however the position is valid up to the meeting which will renew the position.

It is the President’s responsibility to sign all association documents that commit the Association as regarding the members or others. The President may delegate transitorily to one or more Councillors part of his duties.

 

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