This was what I found using the on-site search function:
KV: The Watchtower Empire has established numerous legal entities around the world. While likely similar, I suspect that "corporations" and "associations" may have some legal differences from country to country. To the best of my knowledge, all U.S. WTS/JW entities are currently "non-profit corporations". As such, they do not issue shares of stock, thus do not have shareholders. Rather, the corporate charters provide for "members", who each have one vote. The WTS's Charters provide for a specified quantity of members who are chosen/removed by the particular Board of Directors. The Charters also specify the responsibilities, duties, and liabilities (if any) of such members. http://www.jehovahs-witness.com/11/16627/202736/post.ashx#202736
The voting members of the Watch Tower corporation are long time JWs, and the numebr has been normally around 500. But some do not attend the shareholder meeting, and vote by proxy, so the number 337 you mention is only of those that might attend or remember to vote.The only way one of these would not be a JW is if that person left the religion. But, I have no doubt that they have a means to remove or buy-out the share value, which is likely kept at a low nominal value. The share holders simply own stock in a 'Holding Corporation' that operates the subsidiary corporations.
The only other way a Watch Tower asset may be held by non-JWs is where they own stock as a minority shareholder, and the stock is actually controlled by proxy. For example, the Society might turn over cash assets to be invested through an agent, such as Citibank, who then invests the funs on their behalf, and the Agent has proxy power, or power of attorney to buy, sell, trade, move assets, or hold net proceeds until reinvested. - Amazing http://www.jehovahs-witness.com/6/8395/99064/post.ashx#99064
There were indeed non-JWs in the past. Some real characters.The idea has been advanced that the corporation is actually some outside group with insidious goals. Nope. The members are insidious enough in their rubber stamp. The Society follows "the Society."
Replacement members have been C A R E F U L L Y selected. The ones I know personally are about as sweet and placid as one can imagine, followers following followers following followers--quite happy to get their ticket to go to the annual meeting and to agree upon everything the Lord wants ...
:: Yes, the GB are no part of the corporation therefore gave up any voting rights.
That's what's incorrect. As individuals the GB members may be part of a corporation but they now are not officers or directors thereof.
There are a number of Watch Tower or Watchtower entities that may exist only as a letterhead. I've negotiated convention contracts on such prior to execution of an agreement between the venue and the New York corporation. In recent years these procedures are rigidly controlled.
A tip for those "following the money": The Treasurer's office was always part of the Pennsylvania corporation. Today I see Treasurer's correspondence under the NY corporation. Makes you go hmmmmmm.
http://www.jehovahs-witness.com/6/8395/99369/post.ashx#99369
jurs,To Seeker, How did these people become members able to vote ?To be honest, I'm not sure how a person becomes a voting member nowadays.
and what did they vote on ?Please note, we are not talking about GB voting matters here. The members of the corporation gather once a year, in person or by proxy, at the annual meeting to vote on corporation matters. Basically, when the officers of the corporation have their terms expiring, the members have to vote on either keeping that officer in place or voting someone else in. In practice, the expiring officers are always voted back in. It's a rubber-stamp affair. And that's all this is, a legal stockhold's meeting, and nothing else. Takes about 30 minutes, once a year.
Stock shares ??? I never knew their was stock.Well, any corporation has stock, even companies that don't go public, like the WTS. The shares aren't worth anything if it doesn't go public, but exists merely as a form of control of the corporation in the aggregate.
How did you guys find this out ?I was in Bethel, and I have been to the annual meetings where they announce the voting results and give the membership numbers (how many of them are anointed, etc.)
Do most JW's know this ? Perhaps the information was in a watchtower that I never read or mentioned in a meeting I missed.It's in the Watchtower every year, in a box that calls for attendance at the annual meeting in early October, or else sending in your proxy votes.
Do these shareholders get to keep the money that they may make ?
Has anyone been able to look up the stock and see what its worth??What money? The stock has no real monetary value, for it's not a public company.
http://www.jehovahs-witness.com/6/8395/99521/post.ashx#99521
When I formed my nonprofit org (also in NY), I had to stipulate in my by-laws who would get any leftover assets if I dissolved my org. It is not that the public is entitled to the assets, but that another nonprofit is designated to get them. For the wts, that could mean a kh, or the Red Cross (ha ha), or whomever they chose.
I have done extensive research on the "shareholders" rumor and have found no evidence that there are shareholders today
http://www.jehovahs-witness.com/10/121766/2153170/post.ashx#2153170
Any non-profit organization can send out bills and charge for services and not pay income taxes ... the issue is not whether they bill a customer or not ... but whether they make a "profit" ... additionally, the Watchtower Bible & Tract Society is a not-for-profit """religious""" organization, and as such, are exempt from income tax liability - even IF they have """surplus cash""" held over at the end of their fiscal year ... as long as that cash is used and recapitalized into their operation, and no dividends (profits) are paid to shareholders ... then they are truly a non-profit organization ... it's that simple.
PS: The Watchtower Society, as any religion CAN ask for money from the public in the form of donations, and they CAN bill public (non-JW) organizations the same for services ... again, the issue is that they are not making a profit, and that they are a religion, exempt from tax liability ...
Edited by - Amazing on 8 December 2002 9:52:58
http://www.jehovahs-witness.com/6/41972/582811/post.ashx#582811