November 5, 2007 - Board Minutes

Minutes of the REGULAR MONTHLY MEETING of the BOARD OF DIRECTORS held on 5 November 2007 at the Coast Discovery Inn, Sonora Room, 975 Shoppers Row, Campbell River, BC

Archived Board Minutes

PRESENT: J. Kerr, R. Kerr, L. Marshal, K. Croft, S. Sinnott, B. Henshall and T. Renney.
ALSO PRESENT: Jim Forsyth, General Manager
Kent Moeller, Moeller & Co.
Larry Corke, Gulfcom.

      1)    Call to Order at 6:38 pm.

     2)   The Auditor (Kent Moeller) reviewed in detail the Audited Financial Statements for CRTV year ending August 31, 2007. In his review of CRTV's accounts he was impressed to find that the internal accounts were very clean, properly reconciled and that CRTV staff had a strong understanding of accounting requirements.

Moved by S. Sinnott, seconded by L. Marshal: THAT the audited Financial Statements for fiscal 2007 ending August 31, 2007 as presented the Board be approved. CARRIED

Mr. Moeller then reviewed the attached report from "Alan Bennett CA" in regard to the taxable consequences of the sale of CRTV. He noted that CRTV is one-of-a-kind non-profit organization and that a definitive opinion on the tax result on it's sale is difficult to establish. He ended his report by recommending that CRTV consider obtaining a ruling from Revenue Canada in regard to CRTV's taxable status upon the sale of its assets.

Mr. Moeller then left the meeting.

       3)    A consultant reviewed his detailed report to the Board in regard to a Financial Market Evaluation of CRTV.

       4)    A letter from Solaracom was reviewed noting the comparative sales of Cable Television companies and systems in Canada in recent years.

       5)    Minutes of the Meetings:   Moved by K. Croft, seconded by B. Henshall: THAT the minutes of the Board meetings on the 1st and 19th October 2007 be approved. CARRIED.

       6)    Incidental Information:   Moved by S. Sinnott, seconded by R. Kerr: THAT the Consent Agenda be approved. CARRIED

Discussion ensued in regard to the Annual General Meeting per the resources, facility and the need for additional information. It was agreed that:

• CRTV have a Legal representative and the CRTV Auditor attend the AGM.
• The Shaw offer file be copied and made available at the AGM and to the media
• Security be hired to maintain order
• Members only will be allowed to attend the meeting and if seating is available spouses will be allowed.

Moved by B. Henshall, seconded by S. Sinnott: THAT the Memorandum of Agreement between CRTV and CRCN as presented to the Board be approved. CARRIED

      7)     ADJOURNMENT:

Moved by B. Henshall, seconded by L. Marshal: THAT the meeting be adjourned at 9:38 p.m. CARRIED

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