At the Board meeting of 10 February 2010 the Board of MIBC Ltd unanimously agreed de-amalgamation of MIBC Ltd into two separate clubs (MIBC and TBCC) would be more beneficial to members.  The Board further resolved that the practicalities associated with such decision will be investigated as soon as possible so that a recommendation can be made to a meeting of members.

The Board’s decision was based on the ongoing cultural differences between the two clubs and current and future business grounds.

At a Members’ Information Meeting on 10 March 2010 the Board and CEO explained the background to the de-amalgamation proposal to the 332 members in attendance.  An informal “show of hands” was the taken and those present voted overwhelmingly in favour of the Board continuing to pursue its investigations into de-amalgamation.

Members are now asked to formally vote as the first step in the de-amalgamation process at the upcoming MIBC Ltd General Meeting.  This meeting will be held in the Auditorium of Club Sapphire Merimbula on Monday 19 April 2010 at 7.00pm.

If the proposal is approved at this meeting, a full analysis must then be undertaken independently by a steering committee comprised of Tura Beach members as part of the application to Office of Liquor, Gaming and Racing for a Club Licence.

The proposal is for Tura related non-current assets, currently owned by MIBC Ltd, to be transferred to a new club to be formed by the “Tura” members. The assets would be transferred at no cost.  This would include freehold land and improvements such as the club house, car parks, tennis courts and the leasehold land comprising the golf course, bowling greens and all equipment etc. The two original Clubs (MIBC and TBCC) would return to being separate entities.

In return for MIBC Ltd agreeing to the transfer of assets, a condition of the proposal is for MIBC Ltd to retain ownership of a piece of the vacant freehold land situated on the right of the Club Sapphire Tura car park known as Lot 1442, DP 615595. Tura would be given an easement over the existing driveway area situated on Lot 1442 to secure future access to Lot 1441 and also a first right of refusal on Lot 1442 if it was ever sold.

Under this arrangement the not-for profit entity formally known as Tura Beach Country Club Limited would be recommenced with its own constitution, its own Board, and its own staff, but with a much better club house and owning its facilities instead of leasing them.  The Tura community will take ownership and control of these valuable community assets.

One of MIBC Ltd’s main reasons for supporting amalgamation in 2002 was to help stop the Tura assets, particularly the bowling greens, from being lost from the local community.  In passing ownership of these assets to the new Tura Club, MIBC Ltd’s objective has been achieved.

I recommend you attend the General Meeting on Monday to cast your vote on this most important matter.  All members of the Club whether Sporting or Social (other than staff and Junior) are entitled to vote.  More information on the proposed de-amalgamation is available on the Club’s website and notice boards.

Gerry Hammond
Chairman
14 April 2010