MARSHALL COUNTY, W.Va. (WTRF) – The parties involved in the potential sale of the Moundsville Country Club appeared in a Marshall County Courtroom today. One of the lawyers involved says the judge did not indicate how he would ultimately rule, but did say we could see a decision by the end of the week.
Many club members do not want to see the club sold, arguing that it would destroy their property values if it were replaced by an industrial park, and they’re hoping the country club can be saved. The parties that wish to sell the club note that the club can no longer meet its debt obligations, and that saving the club is unlikely at this point.
What’s important to know is that the judge is NOT presiding over the sale of the club, and he’s not authorizing the sale of the club; he does not have the authority to do that.
What the judge is doing is helping to clarify issues regarding the corporate status of the Moundsville Country Club, which was incorporated prior to the passage of the West Virginia Non-Profit Corporation Act of 2002. The club was founded in 1940, and was organized differently than it would have been after the passage of the 2002 Act. It refers to certain individuals as “stockholders.”
The court is trying to decide if the terms “stockholders” and “members” are equivalent according to the 2002 Act. Once the court figures this out, the country club will schedule a meeting of its members, and then at that meeting they will decide what to do with the country club.
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