According to the Club’s constitution the twenty shareholders must purchase the shares of a deceased shareholder. The remaining shareholders then select a new shareholder to replace the departed. Consequently there were examples in the past of nineteen shareholders for ten years. Originally and up to 1975 a club shareholder owned 34 shares. In 1975 a committee chaired by John Peers in consultation with our club’s lawyer examined the shareholder structure and the constitution of the Hole in the Wall. They made the following recommendations.
Share structure to be reduced from thirty four to two shares per shareholder.
Once a shareholder reaches the age of 80 he must surrender his shares to the club. He would then become an honorary member. The remaining shareholders would then select a replacement shareholder. Since 1975 there has been a policy of equal shareholder representation from Chilliwack and Abbotsford. In existence are two shareholder selection committees, one from Chilliwack and the other from Abbotsford.
This shareholder policy continues to insure that the management of the Hole in the Wall is in the hands of younger more dynamic shareholders
