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Temporary Suspension of All Turbine Operations at P&DARCS
for more info please see here.

P&DARCS – Member Resignation and Share Sale Process

 

Key Messages

  • To resign from your membership of P&DARCS [Club] please send an email to the Secretary (email: This email address is being protected from spambots. You need JavaScript enabled to view it.) advising your intent.
  • If you own shares and leave the Club you can sell your shares to a new member.  The process may take multiple years.
  • Neither the Darcsfield Co-operative [Co-op] or the Club buy or sell shares.  The Co-op simply acts as a broker to facilitate the process between seller and buyer.
  • For the Co-op to sell your shares you need to instruct them directly in writing via their Secretary (email: This email address is being protected from spambots. You need JavaScript enabled to view it.).  The Club cannot do this for you.

Further Explanation

Full Members of P&DARCS are required to purchase a parcel of shares in the Co-op, the registered owner of the land which P&DARCS leases.

The Co-op was formed by the Club in 1978 as the best mechanism to purchase the land and give the Club a permanent home.  The Co-op structure protects the land in case of legal action against the Club and makes the land available for other uses should the Club cease to operate. Initial funding was a mix of fund raising and issue of shares to members.  The land acts as security for shareholder funds.

Today, all the Co-op shares remain owned by existing or former Full Members of the Club. The Club tracks membership status and which members are allowed to buy share parcels, but is not active in the actual buying or selling.  

For the Co-op, as is the case with shares in any company, the shares are not a loan or deposit to the Co-op and are not redeemable on demand. The Co-op itself does not buy or sell shares.

The only practical way for leaving members to redeem the value of their shares is through their sale to a new Club member. The Co-op typically acts as a broker for this process and manages the pipeline of buyers and sellers.  In the circumstances that there are more members leaving the Club than new members joining it may take multiple years for shares to be sold.  

Given the independent Governance structures of the Club and the Co-op:

  • Any request by a resigning member to sell their shares must be directed to the Co-op Secretary in writing.  The Club cannot do this for you.
  • A share parcel held by a Full Member is made up of a designated number of $1 shares.  The number of shares in a parcel is set by the Co-op and ratified at their AGM each year. Any Full Member of the Club can vote at these meetings.
  • Any decision to sell the land held by the Co-op would require consent by the Co-op Shareholders (Full Members of the Club).  Under state legislation, in the event of such a sale each Shareholder would only receive the current value of their parcel of shares.  Any surplus proceeds of the sale would be distributed to an organisation with similar interests.