BUYING A SHARE IN THE BOAT
Terms and conditions of Purchase
Erik og Louise Lomholt-Bek
Glahnip Aqq 9
Boat Ownership Club, Svanen, the 13th June 2010
Entered into contract of sale of a 5% share in the motorboat, Svanen, Cytra Courier. Subsequent shares of up to 45% can be bought at the same prices, but only by cash. Subsequently the whole boat can be bough by the club in one go, at the same share price.
The price is fixed at DKR 25.000, - The amount is to be paid off continuously with a minimum of 50% of the clubs annual income before expenses, going towards the boat.
Erik and Louise will arrange, in collaboration with the other members, a variety of sailing trips for the club.
Prices are fixed at DKR 1.500,- per hour for sailing time, and DKR 425,- per hour for waiting time. Using this as a reference different offers will be set forth.
Members subscription fees will be subtracted from their first sailing trip, the subscription fees go directly to the club.
35% of the members subscription goes to the club, this means that for every 5% share, 1.75% of the income goes to the club.
The clubs shares and subscriptions are to paid into a bank account, to be chosen by the club.
The main shareholder will pay all running expenses. They are also responsible for creating, managing and updating a homepage where all details about the club and its trips and to be stated.
Only the main shareholder has the right to use the boat. The other club members only have access to the boat in connection with arranged trips.
The main shareholder appoints a captain (possibly also a crew), and on all trips the captain must be obeyed and it is the captain who has the final say in whether a trip should go ahead or not e.g. because of weather conditions.
Safety regulations and rules regarding the boat must be kept by all members, breaching the rules may result in being returned to shore and quarantine from the club. The main shareholder will not have to pay the club for own use of the boat.
Cancellation of agreement; both parties can lift the agreement with 3 months notice. If this become the case, the main shareholder has the right to repurchase – and duty of all shares, unless the shares are taken over by the club. Trade must take place at the original price of DKR 25.000,- per 5% share.