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Old November 17th 04, 04:32 AM
Miriling
 
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Default USCF bylaws overlooked

At a USCF Executive Board conference call made Oct. 17, 2004, Tim Hanke, vice
president for finance, made the following motion (EB 05-15) that passed: "The
USCF will move its national office to Crossville, Tennessee, in accordance with
the previous Executive Board vote in 2003."
That previous vote, which passed in a USCF EB conference call made on June 9,
2003, stated: "The Executive Board authorizes the move of the USCF office to
Crossville, Tennessee. The Executive Director is authorized to execute the
necessary arrangements."
What the Executive Board may have failed to realize is that they have
overlooked Article IX, Section 9B, of the USCF bylaws, regarding the land that
has been deeded to them in Crossville. That article states:
"The building and land cannot be encumbered, liened, or mortgaged in any
fashion without action by the Delegates at a regular meeting or special meeting
called for that purpose, except as provided in Section 10 [Life Member assets
management] below."
The key word is "mortgaged." The USCF has deeded land but no building.
The EB called for its move to Crossville in a motion passed on Oct. 17 - two
months (!) after the Delegates met at its "regular meeting" in Fort Lauderdale,
Florida. Accordingly, the land in Crossville cannot be mortgaged, since the
Delegates did not meet in August 2004 for that purpose. A special meeting would
have to be called by the president or by more than half of the Executive Board
to take up specifically the mortgaging of the land in Crossville.
The USCF can move to Crossville and use temporary "free-rent" space, but it
cannot mortgage the land it received [for the purpose of constructing a
building] without delegates' approval. That would be contrary to its own
bylaws.

George Mirijanian
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Old November 17th 04, 05:07 AM
Hal Terrie
 
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On 17 Nov 2004 04:32:02 GMT, (Miriling) wrote:

At a USCF Executive Board conference call made Oct. 17, 2004, Tim Hanke, vice
president for finance, made the following motion (EB 05-15) that passed: "The
USCF will move its national office to Crossville, Tennessee, in accordance with
the previous Executive Board vote in 2003."
That previous vote, which passed in a USCF EB conference call made on June 9,
2003, stated: "The Executive Board authorizes the move of the USCF office to
Crossville, Tennessee. The Executive Director is authorized to execute the
necessary arrangements."
What the Executive Board may have failed to realize is that they have
overlooked Article IX, Section 9B, of the USCF bylaws, regarding the land that
has been deeded to them in Crossville. That article states:
"The building and land cannot be encumbered, liened, or mortgaged in any
fashion without action by the Delegates at a regular meeting or special meeting
called for that purpose, except as provided in Section 10 [Life Member assets
management] below."
The key word is "mortgaged." The USCF has deeded land but no building.
The EB called for its move to Crossville in a motion passed on Oct. 17 - two
months (!) after the Delegates met at its "regular meeting" in Fort Lauderdale,
Florida. Accordingly, the land in Crossville cannot be mortgaged, since the
Delegates did not meet in August 2004 for that purpose. A special meeting would
have to be called by the president or by more than half of the Executive Board
to take up specifically the mortgaging of the land in Crossville.
The USCF can move to Crossville and use temporary "free-rent" space, but it
cannot mortgage the land it received [for the purpose of constructing a
building] without delegates' approval. That would be contrary to its own
bylaws.

George Mirijanian


Nice try George but no cigar. You conveniently forgot to quote
Article IX, Section 10, which provides the conditions for an exception
to the Delegate approval required in Section 9B:

"Section 10. Life Member Assets Management.

Borrowing of an aggregate of more than $200,000 is possible only when:

1. The Executive Director certifies that there is a need for such
borrowing.

2. The Executive Board approves of the borrowing.

3. The Life Member Assets Management Committee approves of such
borrowing.

4. A report shall be made to the Delegates in the Annual Report
describing the funds borrowed and repaid during the past year."

I think we can be sure that all of these conditions will be
met. So the land in Crossville CAN be encumbered or mortgaged.

-- Hal Terrie




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Old November 17th 04, 09:58 AM
ASCACHESS
 
Posts: n/a
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What the Executive Board may have failed to realize is that they have
overlooked Article IX, Section 9B, of the USCF bylaws, regarding the land

that
has been deeded to them in Crossville. That article states:
"The building and land cannot be encumbered, liened, or mortgaged in any
fashion without action by the Delegates at a regular meeting or special

meeting
called for that purpose, except as provided in Section 10 [Life Member

assets
management] below."
The key word is "mortgaged." The USCF has deeded land but no building.
The EB called for its move to Crossville in a motion passed on Oct. 17 - two
months (!) after the Delegates met at its "regular meeting" in Fort

Lauderdale,
Florida. Accordingly, the land in Crossville cannot be mortgaged, since the
Delegates did not meet in August 2004 for that purpose. A special meeting

would
have to be called by the president or by more than half of the Executive

Board
to take up specifically the mortgaging of the land in Crossville.
The USCF can move to Crossville and use temporary "free-rent" space, but it
cannot mortgage the land it received [for the purpose of constructing a
building] without delegates' approval. That would be contrary to its own
bylaws.

George Mirijanian


Nice try George but no cigar. You conveniently forgot to quote
Article IX, Section 10, which provides the conditions for an exception
to the Delegate approval required in Section 9B:

"Section 10. Life Member Assets Management.

Borrowing of an aggregate of more than $200,000 is possible only when:

1. The Executive Director certifies that there is a need for such
borrowing.

2. The Executive Board approves of the borrowing.

3. The Life Member Assets Management Committee approves of such
borrowing.

4. A report shall be made to the Delegates in the Annual Report
describing the funds borrowed and repaid during the past year."

I think we can be sure that all of these conditions will be
met. So the land in Crossville CAN be encumbered or mortgaged.

-- Hal Terrie


Dear Hal,

I was the author of sentence regarding the aggregate borrowing which was
changed in Reno 1999 and this isn't an exception.

I am afraid I agree with George.

The passages that you quote have to do with borrowing from the LMA, not
obtaining outside loans to encumber land which is not owned by the LMA.

Best Regards
Richard Peterson


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Old November 17th 04, 10:01 AM
ASCACHESS
 
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None. As has been explained here repeatedly, not one penny of
that $513,000.00 will be taken out of the bank or encumbered. All of
the construction costs will be paid from the bank loan in Crossville;
payments on that loan will come from current income.

Tim Hanke and Randy Bauer have gone over this again and again
for the readers of this newsgroup. Please do not join the ranks of
those who, like Sam Sloan and Phil Innes, seem incapable of
understanding plain English.

-- Hal Terrie


Come down from the hill, Hal.

In common English, the objectionable encumberance is that which the bank will
hold on the land from their lien relating to the construction loan.

Rp

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Old November 17th 04, 11:54 AM
Sam Sloan
 
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On 17 Nov 2004 09:58:08 GMT, (ASCACHESS) wrote:

What the Executive Board may have failed to realize is that they have
overlooked Article IX, Section 9B, of the USCF bylaws, regarding the land

that
has been deeded to them in Crossville. That article states:
"The building and land cannot be encumbered, liened, or mortgaged in any
fashion without action by the Delegates at a regular meeting or special

meeting
called for that purpose, except as provided in Section 10 [Life Member

assets
management] below."
The key word is "mortgaged." The USCF has deeded land but no building.
The EB called for its move to Crossville in a motion passed on Oct. 17 - two
months (!) after the Delegates met at its "regular meeting" in Fort

Lauderdale,
Florida. Accordingly, the land in Crossville cannot be mortgaged, since the
Delegates did not meet in August 2004 for that purpose. A special meeting

would
have to be called by the president or by more than half of the Executive

Board
to take up specifically the mortgaging of the land in Crossville.
The USCF can move to Crossville and use temporary "free-rent" space, but it
cannot mortgage the land it received [for the purpose of constructing a
building] without delegates' approval. That would be contrary to its own
bylaws.

George Mirijanian


Nice try George but no cigar. You conveniently forgot to quote
Article IX, Section 10, which provides the conditions for an exception
to the Delegate approval required in Section 9B:

"Section 10. Life Member Assets Management.

Borrowing of an aggregate of more than $200,000 is possible only when:

1. The Executive Director certifies that there is a need for such
borrowing.

2. The Executive Board approves of the borrowing.

3. The Life Member Assets Management Committee approves of such
borrowing.

4. A report shall be made to the Delegates in the Annual Report
describing the funds borrowed and repaid during the past year."

I think we can be sure that all of these conditions will be
met. So the land in Crossville CAN be encumbered or mortgaged.

-- Hal Terrie


Dear Hal,

I was the author of sentence regarding the aggregate borrowing which was
changed in Reno 1999 and this isn't an exception.

I am afraid I agree with George.

The passages that you quote have to do with borrowing from the LMA, not
obtaining outside loans to encumber land which is not owned by the LMA.

Best Regards
Richard Peterson


Very good point, thank you.

Occasionally, even Richard Peterson makes a good point.

Sam Sloan
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Old November 17th 04, 02:24 PM
Parrthenon
 
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I am afraid I agree with George. The passages that you quote have to do with
borrowing from the LMA, not obtaining outside loans to encumber land which is
not owned by the LMA. -- Richard Peterson

What all of you seem to have overlooked is that the funds from the sale are
to be deposited in the same bank in Crossville that is "loaning" us the money.
Right now, Beatriz is trying to transfer $200,000 to that bank. So, they can
use our funds on deposit in their bank to foreclose on their loan at any time.
In short, the claim that we are receiving a "No Money Down Construction Loan"
is essentially a fraud. -- Sam Sloan

Bank deposits as a form of security are common enough when securing loans and
property deals. The issue becomes the small print regarding the deposit. Sam
Sloan may indeed be correct in his essential point that we must put money down
in advance. Anyone who has arranged letters of credit understands how these
deals are done. Many banks even have their own forms for this kind of security.

Yours, Larry Parr

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