The Board of Governors-convened Extraordinary General Meeting (EGM) is to seek membership approval for a Club line of credit loan.
At the EGM on July 21, the Board asked Members to vote on a proposal for the Club to take out a line of credit for ¥1 billion with Sumitomo Mitsui Banking Corporation.
While the proposal only just failed to pass, the level of support for the loan convinced the Board to revisit the idea.
The line of credit would allow the Club to weather the current period of unpredictability while establishing a new normal for Club operations.
Voting opens on September 9.
While general meetings are open to all Members, only registered Voting Members are able to vote.
For the first 15 minutes after the meeting has been called to order, Voting Members will be able to vote either by proxy or in person.
While any Voting Member can cast their ballot in the first 15 minutes of the EGM, only those who have registered to attend in person may stay for the meeting.
For the loan proposal to pass, it requires approval by two-thirds of all registered Voting Members and 80 percent of all registered US citizen Voting Members.
Voting members are reminded that failing to vote or checking the “abstain“ box are both counted as “no” votes in the vote tally.
The result of the vote will be announced after voting has ended.
