Membership

Roads Fund Membership

Normally, a gated community such as ours would have strata corporation to hold the common elements that benefit all community members and those members would be voting members of the strata corporation. A strata has the structure to achieve consistent predictable assessments to maintain and improve common elements of a community. However, the Roads Fund is not a strata corporation and Canal Point has missed its opportunity to become a strata under the Cayman statute. Canal Point has also missed its opportunity to create a scheme of development, the Common Law approach using covenants on initial title of each lot that requires membership in a dedicated community association that would act much like a strata corporation.

However, the Roads Fund by granting new or improved standard easements over the roads and canals may obtain in return covenants to become a member of the Roads Fund and to take responsibility as to the use and repair of the common elements. Over time, if sufficient Canal Point property owners voluntarily place on the title an appropriate standard set of easements with covenants, we can achieve most of the operating benefits of a strata or scheme of development to care for the common elements, our roads and canals. Note, the Roads Fund will never have the equivalent strata powers over what goes on within the property owners’ lots or buildings themselves.

Over time, to transition from uncertain voluntary fundraising to predictable assessments, much like a strata does for common elements, the Roads Fund will seek to build its membership from those who believe in this important goal. It has become Roads Fund policy for the Board to accept into membership only those who support this effort by having irrevocably agreed to have the standard easements with covenants put on title to their lots. We have created new membership forms for that on the Documentation page.

Once we are successful in building the Reserve Fund, we will turn our attention to building membership. For the time-being, we ask Roads Fund members to continue contributing dues (CI$2,500) annually to the Homeowners Association. For Roads Fund members/contributors who are not Homeowners Association members, we kindly ask that they contribute CI$2,500 annually to the Canal Point Roads Fund (Butterfield KYD account 1364092130010).