Extract of By-laws
Art. 1 – Constitution, registered office, duration
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).
2 – The character of the Association
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.
3 – The purpose and aim of the Association
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.
4 – The associates duties and
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
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.
5 – The Association Bodies
bodies of the Association are:
The Board of
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.
6 – The Shareholders’ Meeting
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.
7 – The Board of Administration
Board of Administration is made up by six members elected by the meeting and by
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.
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
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.
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
Board is empowered with ample powers for the ordinary and extraordinary
management of the Association.
8 – The President
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 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.