A SYNOPSIS OF EAST CANYON RESORT: ESTABLISHMENT, HISTORY, OPERATION AND OVERVIEW

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​The Resort began operation on May 1, 1980, with the commitment of funds for purchase, selling of stock, and the availability of members to use the undeveloped Resort.   The formal and legal establishment of the Resort occurred on October 31, 1986. The Articles of Incorporation with the Bylaws and Rules and Regulations were adopted by the Board of Directors on September 23, 1988, (document dated September 16, 1988) and signed by the Incorporator and President of the Resort, H. Gregory Lawson. The Resort was established as a non-profit corporation under the Utah Non-Profit Corporation and Co-operative Association Act. The Articles were subject to and limited by the terms contained in the Plan of Reorganization. The stipulations, contained in the Plan of Reorganization, were deemed eliminated and voided in 2008, and the Articles are no longer subject to or limited by the terms contained in the Plan of Reorganization. The Second Restated Bylaws

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were adopted by the Board of Trustees of East Canyon Resort on October 15th 2008, and signed by all 9 Board members. The Second Restated Bylaws repealed the Bylaws previously adopted on September 23, 1988. The Second Restated Bylaws currently act as the governing document for the Resort. The Warranty Deed was signed October 31, 1986, and recorded in the Morgan County Recorder’s office November 7, 1986. For an undocumented payment amount, the Bertagnole Investment Company conveyed and warranted to East Canyon Resort, Inc., Trustee for East Canyon Resort Trust, a 

total of 9,632.27 acres including mineral and many water rights. One Hundred Sixty acres were later sold in 1988 to greatly reduce or eliminate the lien on the Resort that was owed to First Security Bank. By March 31, 1996, the lien was paid and the original lien no longer is in effect on the Resort. The property and all its improvements are now free and clear of any outstanding debt.

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Water rights conveyed to ECR are quite complicated and must be assessed on the basis of individual water sources. The culinary water source for the Lodge area is secure.

MEMBERSHIPS: Numerous types of stocks have been sold in the past. Currently, only 4 types of stock are available for purchase from the Resort. The Resort maintains about 1,500 memberships

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FINANCIALS: The Resort has maintained a solid history of financial integrity since the original purchase. Although in 1988 the Resort had contracts payable of almost ten million dollars, those payables have been eliminated through careful fiscal management.

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MASTER PLAN: The original ECR Master Plan was contracted by an outside business and was approved by the Board in October 1988. A second Master Plan, replacing the original, was written by Board members and approved August 19, 2010. Included in the Master Plan are the Forest and Range Management Plan, Development Plan, Financial Plan, and the ECR Documents of Articles of Incorporation, Second Restated Bylaws, Rules and Regulations, and Warranty Deed.  These plans and documents are updated as needed by the Board.

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