At the Board of Directors meetings held on 22 February 2010, 10 March 2010, & 24 March 2010 it was resolved:

1. Persons applying for new membership of any category of golfing membership between the 1 January and 30 June shall pay a proportion of the ruling annual subscription for the category of membership inline with the number of months remaining in the year.
2. The following arrangements will apply in relation to separation of the two clubs (MIBC and TBCC) if members approve de-amalgamation at the mid-year general meeting:
   • MIBC Ltd transfers ownership of Tura related non-current assets as listed on MIBC Ltd Balance Sheet, to the newly formed Tura Club at no cost, with the exception of Lot 1442 in DP 615595.
   • Lot 1442 in DP 615595 be retained by MIBC Ltd. and Lot 1441 in DP 615595be transferred to new Tura Club, with the newly formed Tura Club having first right of refusal on any future disposal of Lot 1442. New Tura Club to be given a right of access through block 1442.
   • Stamp Duty, if applicable, to be initially paid, by MIBC on behalf of new Tura Club and repayable to MIBC Ltd. on any future disposal or joint venture development of this land.
   • Board will endeavour to transfer all existing Tura staff including leave entitlements to the new Tura Club under the same or similar conditions to those that operate today.  MIBC Ltd to pay new Tura Club an amount equal to the outstanding and transferred leave entitlements.
   • The highest amount of poker machine entitlements possible under the current law will be transferred to the new Tura Club from the existing bank of 43. The new Tura Club will be responsible for obtaining any additional entitlements.
   • TBCC sections retain ownership of their bank balances (currently listed on MIBC Ltd Balance Sheet) but other non-current assets such as cash on hand, cash floats, working capital and stock would need to be provided to the new Tura Club on a short term interest free loan basis, if required.
   • In the circumstances where either MIBC Ltd or the new Tura Club are wound up or dissolved within a period of 10 years from de-amalgamation, any remaining assets are to be transferred to the other club at no cost.
3. A letter be sent to golf and bowling sections and request any questions the sections may have relating to de-amalgamation be forwarded to the Board for response.
4. Expressions of Interest (EOI) for positions on the Tura Steering Committee be called immediately after the General Meeting if de-amalgamation is approved.  EOI to close 30 April 2010.
5. To enter into a Licence Agreement for restricted access to the Tura tennis courts on a trial basis with Bega Valley Tennis Academy Pty Ltd.

To stage an ALPG Road Show in the Auditorium at Merimbula with any profits being allocated to the Tura Ladies Pro Am tournament.

6. Resolved to approve donations to Far South Coast Dragonboat Regatta, Merimbula Big Game and Lakes Angling Club, and Merimbula/Pambula Junior Rugby League.
7. Resolved to approve 152 new or transferring memberships comprising:
   • Country Golf: 5
   • MIBC Bowls: 1
   • Gym Junior: 4
   • Cadet Golf: 5
   • Golf Junior: 1
   • Golf: 2
   • Social: 134

The next monthly Board Meeting will be held on Wednesday 14 April 2010 at 3.30pm.

Damien Foley
Chief Executive
2 April 2010