Is out intent to acquire the ship on behalf
of the Owners doing business as World Yacht
Club, a new corporation to be registered for
this purpose. Individuals purchasing units
will acquire their unit and a percentage
undivided interest in the rest of the ship. A
management company will provide for
provisioning, staffing, maintenance and
replacement, dry-docking, insurance and a myriad
of other tasks. The Captain assisted by
the Staff Captain will run the ship including
the hotel services. The Owners will
influence general management through their
committees and Board of Directors. At a
"transfer point" as prescribed by the
Declarations additional management and control
will be passed to the Owners.Cruise Ship Condos (CSC), an aka of
NWDir.com LLC (commonly known as
Northwest Direct) is the entity acquiring
the ship on behalf of the Owners who are
shareholders of fractions of World Yacht Club
(WYC). The Declarations prescribe the
rights of the parties and the time and
conditions under which a formal transfer of
financial and operational control is passed to
World Yacht Club.
CSC will manage the ship with the assistance
of a Management Company. The Captain and
Staff Captain will operate the ship and have
responsibility for safety, security of the ship
and all persons on board.
The program is designed to provide for the
transition to or the addition of a larger and
more luxurious ship to which all members of WYC
will be able to transfer their interest from the
first ship.
NOTE: These documents have not been
looked at for some time and will be revised to
suit the current conditions. All
purchasers will receive a "Resale Certificate"
which prescribed all conditions and
responsibilities of the parties, the condition
of title with a Reserve Study showing cash on
deposit for the benefit of WYC and is included
as part of the value purchased.
|
