Cisco’s Bonded Indebtedness Dragged On For 26 Years From 1929 to 1955
The Articles of Incorporation for the Cisco Country Club, which covered the period from 1921 to 1971, specifically stated that there was no Capital Stock. Also the Lake Cisco Country Club's (which existed from 1969 to 1999) Articles of Incorporation stated, 'In event that the Lake Cisco Country Club fails to continue to act as a country club, then the Class A Certificate Holders are also entitled to vote on any action by the corporation which would concern a sale or a disposition or the mortgaging of any of the real property or buildings belonging to the Country Club, but shall never be entitled to receive any money or property directly or indirectly from their membership.'
06/01/2023 12:00 AM