Friday, July 30, 2010
In Everwoods, all homeowners have exclusive use of a particular home site but share responsibility for and access to the whole property. You would become 1 of 15 shareholders in a registered company, Eco Initiatives Inc., that owns the land in common and is committed to ensuring that the 150 acre forest will remain standing in perpetuity.
The entire property is protected by a covenant held by The Land Conservancy of British Columbia. The timber rights are held by a charitable foundation set up by the founders of Everwoods, The Trust for Sustainable Forestry, to ensure that any timber harvested is much less than the amount of annual growth in the forest, leaving the forest to thrive and grow over the years.
The charter of Eco Initiatives Inc., stipulates a maximum of 15 shareholders with a single vote each in managing the community’s affairs. The Shareholders’ Agreement elaborates on these arrangements.
- the shareholders’ agree to uphold the covenant protecting the land, to respect the interests of other shareholders, and to share in common costs (e.g. for taxes on the land, and annual maintenance of roads and similar facilities).
- any expenses, including house taxes, attributable to any one shareholding/site are the exclusive responsibility of that shareholder.
- shareholders are free to sell their shares, including the exclusive right to a home site and any residence already built.
- other shareholders have a right of first refusal to buy back the share, but it must be exercised or waived within 31 days.
- shareholders will act collectively, in the best interests of the community.
- where no consensus can be reached, a 75% majority vote is sufficient.
The results are now ready to see – a few of the 15 home sites are still available.