AS an original founder member of Clear Water Bay Golf and Country Club, I am delighted to see that the club has been finally successful in establishing itself as a world class championship golf course. I send the club my very best wishes.
However, if it is as successful as its management claims, and its financial problems are at last a thing of the past, isn't it time that the club began to meet its financial obligations to the original debenture holders that made the golf club's existence possible in the first place, by either agreeing to buy back, or authorising, the private sale of these 'full membership' debentures? Obviously in the past it was prudent and in the club's best interests not to allow sales of the old memberships and issue new ones itself, as this was more lucrative.
However, as it is now on a sound footing, it should restore the confidence of both old and new members by meeting its obligations.
In the club's last statement in the press on this subject, and also in correspondence to me personally, we were informed financial restraints under the club's restructuring did not allow memberships to be traded.
The club further confirmed that financially, it was progressing well and expected to be able to buy back or authorise sale of 1978 debentures by 1994.
It is now 1996 and we are still waiting.
