SHARES & SALES
After 37 years, Mike and Connie Cummings have decided to retire. One of the biggest concerns over the past several years has been finding a way to allow those people who have been patrons of Golden Eagle for many years the opportunity to stay and to secure their own future at the campground. Rather than sell Golden Eagle, not knowing what would happen to it, they have decided instead to offer shares of the corporation to members of the campground first and the general public second. This process is already underway, and shares are already being sold.
If you would like to discuss how to purchase a share and/or have questions about the process, please reach out to us via our Contact page.
1. What are Share/Certificates?
Shares are stock certificates issued by Golden Eagle of Perham, MN, the parent corporation that owns Golden Eagle RV Village. There are a total of 190 shares in the corporation, of which 190 will be offered to the public.
2. What does the purchase of share entitle the bearer to?
Like any stock purchase, ownership of a share is the actual sale of part of the corporation. Bylaws, formed by the share holders, will dictate and stipulate what each share includes as well as any restrictions.
3. Are shares transferable
Yes. The value will be based upon market value, just like any other stock. The share can be transferred, gifted or sold like any other stock share.
4. Can the certificate be used for collateral?
Yes and no. It depends upon your own finances and the bank you are applying to.
5. Will I have to pay taxes?
Property Taxes will be paid by the Corporation except on personal property. Individual share holders will be issued the proper State and Federal statements.
6. Have the wells and septic been certified?
The septic systems have been inspected extensively and are certified and approved by the MPCA. The wells are also regularly tested. All of these issues will be the responsibility of the corporation not any one individual share holder.