The Structure of Ski One 50 and Merrijig Developments Ltd
Merrijig Developments Limited is a public company but not registered on the share market.
Merrijig Developments was formed in 1983 by Graeme Smolenski and Bob Hunt to float a ski club with plans to build a lodge in National Park village.
Shares (150) in Merrijig Developments were sold, resulting in the club name, Ski One 50. Land in National Park was purchased and the Ski lodge built.
Merrijig Developments Limited has a shareholding of 150 shares and is the holding company which owns the land and buildings in National Park. The same shareholders started the ski club and thus shareholders of the company and members of Ski One 50 Incorporated are the same. The ski club leases the lodge from the holding company.
To join Ski One 50 entails first purchasing a share in Merrijig Developments Ltd on the open market and at the same time, applying to join Ski One 50 Inc. The membership application must be approved by the Ski One 50 Committee.
This ensures the club has some control over who joins. (No one has ever been refused so far!)
One share can be held by either a husband or wife, or jointly and the family (being children up to the age of 25 years) welcome under the umbrella of that share and able to join the ski club. From age 20 to 25 children can belong under the family share but pay “associate” nightly rates. A share may be held by an individual but that would not entitle friends or relatives to be members of Ski One 50.
How To Join Ski One 50
If you want to join Ski One 50 you must first negotiate the purchase of a share in Merrijig Developments Limited. The Ski One 50 Committee can provide a list of people wishing to sell.
You then apply to join Ski One 50 and to have your membership and the share transfer approved. It is the purchaser’s responsibility to ensure that there are no outstanding subscriptions or lodge fees at the date of purchase, as these require to be paid before approval of the share transfer is given. It is recommended that you do not purchase a share without first checking with the Treasurer or Secretary.
Annual subscriptions are charged by Ski One 50 and adjusted as necessary by the Committee.
Your bookings to stay at the lodge are taken by the Booking Officer and preferably paid in advance. This is obligatory for school holidays. You and your family are entitled to stay as many nights as you wish subject to availability. The lodge fee entitles you to dinner, bed and breakfast during the ski season when custodians are employed to ensure the efficient running of the lodge. A roster of allocated daily chores is carried out by members.
There are normally two working bees at the lodge per year to keep up maintenance and to prepare for the season. Those who attend these fun weekends obtain a credit for lodge fees.
