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Co-op Activities : VIC Last Updated: Nov 28, 2009 - 10:00:09 AM  RSS feed


Member Control at Torquay
By David Griffiths
May 17, 2007 - 10:32:11 AM

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There is controversy at the Torquay Golf Club over a proposed takeover by the mutual RACV. While not a co-operative, the Golf Club is member owned and the takeover is subject to member approval.

Takeover discussions between Torquay Golf Club and the RACV have been proceeding since 2006 and a meeting of members has been scheduled for 27 May 2007.

The Torquay Golf Club was established 87 years ago.

The RACV is offering to spend A$45 million on a new clubhouse, a resort, a 200-seat function room, gym and a pool. Proponents for the takeover argue that the RACV will provide a legally binding agreement that the course will remain an 18 hole golf course and will be improved. The General Committee of the Golf Club has emphasised its commitment to due diligence.

Opponents have criticised the committee for inadequately informing members and have argued that at least 75% of members will have to vote for the takeover for it to be successful and that other development possibilities which enabled the Torquay Golf Club to remain autonomous and independent should have been considered.

Torquay Golf Club
http://www.torquaygolfclub.com.au







© Copyright 2007 by Victoria Coop News

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