Agreement between PBN Development Inc. and the Northern Village of Pinehouse, establishing Pinehouse Business North Limited Partnership in 2012.
This document contains the articles of incorporation and bylaws of the new corporation “Pinehouse Business North Limited Partnership.” According to Section 7.2 of the Agreement, the Village becomes a “limited partner” and is no longer able to participate in the control of the business, nor does it have “the power or authority to bind the Partnership, the General Partners (i.e. PBN Development Inc.), or any other Partner as such.”
It would appear that PBN Development Inc. has become an intermediary between the Village and PBN Limited Partnership. PBN Limited Partnership is the business operation. PBN Development Inc. is the general and controlling partner of the Partnership, while the Village no longer exercises any meaningful influence over the Partnership’s operations.
The Village administration has refused to provide financial statements for the new corporation for 2013 onwards.