What’s all this hubbub about stocks and shares???

There have been many new families and members to our lake community in the last several years. The Stonycreek Valley Development Corporation (SVDC) realizes that many may not know the history of the SVDC and the significance of the stock/shares. The following is from the book The Lakes by James Mcintyre. Once the idea of building a dam and creating a lake took shape “the Stonycreek Valley Development Corporation was formed as a for-profit corporation.” Initially 5450 shares were issued. “The initial directors of the corporation, fifteen in number, were the original landowners. Various members acted as salesman and sold stock in amounts of 10 shares to their friends and neighbors. The concept of the corporation presumed that an annual service charge against lot owners of $1.50 per front foot for lake front property and $0.01 cent per square foot for non-lakefront property, the corporation could be a money earner.” The dam was built, and the land flooded for the lake in 1959. The stocks were linked to voting power. If you were not a stock owner, you could not participate in the voting at the annual shareholder meeting.

Some time in the 1980’s it became apparent to the lake community that the handful of majority shareholders had their own best interests and money earning potential in mind before the health and maintenance of the lake and the lake community. The majority shareholders were not being good stewards of the lake and its assets. The community began to determine how they could change that. Shares were purchased and bought up until the community, collectively, had enough shares to out vote the previous majority shareholders. In 2005, the SVDC became a not-for-profit corporation, as the lake community wished, and the previous majority shareholders were voted off the Board of Directors. This is when the Board became made up of elected community volunteers. This returned the care and maintenance of the lake to the community rather than to a handful of people with their own vested interest in financial gain. For some reason, the stock/share system was kept in place at that time.

Fast forward to this year. There has been a fair amount of turmoil and animosity since the last shareholder meeting. There is a rift in the community. As happened in the early 2000’s, shares have been bought up. Currently, three people are majority shareholders as was described in the lake history. This means 2 -3 people can affect any vote despite what all other shareholders may want or vote for. The SVDC shares are dinosaurs from the for-profit days and create an inequality in our community. It has become apparent that, as in our democratic society, one vote per lot, is the equitable way for our lake community to be run. No one should have to purchase the right to have a vote and voice in our community at the annual meeting. No one’s vote should hold more weight than their neighbors when decisions need to be made and voted on and Board of Directors are elected. We are all lot owners and we all share the same great lake. We should share the decision making of our great lake equitably, one vote per lot, not by who can purchase the most shares/votes. This is how community Homeowners Associations work.

The mailing you received NOTICE OF ANNUAL SHAREHOLDER MEETING included an ENCLOSURE A, which is a motion to convert to a one lot – one vote system. It will be the first motion to be voted on at the meeting on May 24th. If the motion passes, all lot owners regardless if you own SVDC stock or not, will be able to vote on any other business presented at the meeting and on the election of the Board of Directors at this and all future meetings.

This motion (Enclosure A) includes a buy back of shares for anyone interested beginning June 1 through December 31. This motion, if passed, changes voting to ALL LOT OWNERS and eliminates shares completely.

Shareholder meeting and proxy vote information

Shareholders should have received the Notice of Annual Shareholder Meeting in the mail. The meeting will be held Friday, May 24th at 7pm at St. Mark’s Church in Shanksville.

If you are going to attend the meeting please bring all of the paperwork you received with you to the meeting.

If you are unable to attend, please return the following in the PINK ENVELOPE:
Enclosure A (Bill Blackburn, Sr. motion)
Enclosure B (Brad Meneilly motion)
Enclosure C (Election of Board of Directors)

Choose eleven of the names on the Election Enclosure for positions on the 2019/2020 SVDC Board of Directors. If you have any questions on any nominees, please contact any current board member. Their contact information can be found on the website at palakestonycreek.com. Click on the SVDC Board tab. As well, mark your vote on Enclosure A and B underneath the +++++++++++ line.

Be sure to have this mailed in the PINK ENVELOPE in plenty of time for it to be received by SVDC on or before May 23rd. The pink envelopes will not be opened until the meeting. We hope to see everyone there.

If you did not receive this mailing, and should have, please contact Lynette, the SVDC Secretary, who’s contact information can be found on the website under the SVDC Board tab as well.

April 27 Special Shareholder Meeting

You should have received mail from SVDC concerning the April 27th Special Shareholder meeting which will be held at 1:00 at St. Mark Lutheran Church in Shanksville.

If you are unable to attend the meeting, and are currently a shareholder, please take a minute to fill out the proxy vote form and mail it to SVDC in the pink envelope. It must be postmarked by or before April 26th. It is important to vote, either in person or by returning your proxy vote, on these important proposed by law changes.

FYI -the colored envelope was sent so that no pink envelopes will be opened prior to the April 27th meeting. The pink envelopes will be handed to the appointed proxy to be opened by the proxy and the proxy committee and tallied.

If you are a shareholder, and did not receive this mailing, please contact the SVDC Secretary.

Lake Stonycreek’s 60th Anniversay Year

This year is the 60th Anniversary of our lake. Everyone seemed to really enjoy seeing the ski picture from 1969. We would like to begin to gather photos and stories to begin to document Lake Stonycreek’s history. We have a bit of written information on how the lake was imagined, how the initial corporation was formed, but nothing of the real heart of the lake – the families, the stories, the pictures through the years. We would like to write down the stories, make copies of the photos. As the years pass, more and more of our history gets forgotten and possibly pictures discarded. We are not sure the best way to accomplish this yet, but we think it is an important project to begin. If you have ideas, pictures to share, stories that you could tell us please let us know and as spring turns (finally) into summer we can create a plan on how to begin to accomplish documenting the lake history. We are excited to begin!

Forum March 16 and Special Meeting April 27, 2019

There will be forum discussion Saturday, March 16th beginning at 1pm to discuss changes to the bylaws reflecting a more equitable method of voting for motions and elections. All lot owners and shareholders are welcome and encouraged to attend. 

There will be a special meeting of the shareholders on Saturday, April 27th beginning at 1pm. All shareholders are welcome and encouraged to attend. Any motions that arise at the forum discussion on March 16th will be voted on at this special shareholders meeting. Notification of these motions will be sent via mail 20 days prior to the April 27th meeting. Only shareholders will be permitted to vote at this meeting.

Both meetings will be held at St. Mark Lutheran Church in Shanksville.

Hunting Waterfowl or Trapping on Lake Stonycreek

Hunting waterfowl or Trapping on Lake Stonycreek shall be allowed only for Lake Stonycreek property owners, with a permit issued by the SVDC board of directors. Hunting waterfowl or trapping is only permitted in the waters and land owned and controlled by SVDC in and around the “Fingers” area of the lake. It is the responsibility of the permitted property owner to know the property boundaries.
If access to SVDC waters and property is through adjacent private property, the permit holder must obtain permission from those property owners.
A permit form is available as a link on the SVDC website. The permit must be completed by a lot owner and signed by an executive of the board. Guests are allowed while being accompanied by the permitted lot owner.
All PA Game Commission and Federal Migratory Game Bird Rules and Regulations must be followed by all permitted Lake Stonycreek property owners and their guests.
Trespassing on SVDC property and waters shall be enforced by the SVDC board of directors and State Police. All game law violations shall be enforced by the Pennsylvania Game commission.
This permission may be revoked by the SVDC board of directors, at their discretion, at any time, with due cause.