Forming corporation needs legal input
Espanola council want legal counsel to come in and talk to them about how a corporation is set up and what legalities are involved. Photo Thomas Martinsen-Unsplash.com
The initial steps and public hearing have all been held to form the Espanola Economic Corporation, but administration advised council Tuesday night that it needs to support an Asset Transfer Policy before the lawyer can move ahead on the legal document to form the entity.
However, councilors are concerned about loss of control over how the assets are used and how decisions will be made.
The town would be the only shareholder of the corporation, but the majority of council feel there are still too many unanswered questions about the ins and outs of forming the corporation.
In the end, a decision was made to have the legal advisor attend a special meeting to address concerns before the policy is passed into law.