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course as early as 1960. Paullus decided to proceed after
determining that his ranch possessed a substantial water supply
that could support the proposed golf course operation.
Ridgemark was incorporated by Paullus and other investors on
or about November 4, 1971. The Pre-Incorporation Subscription
Agreement provides that Ridgemark will be able to
transact and carry on the business of acquiring, owning
and improving land for recreational and residential
purposes, selling memberships in and playing privileges
in a golf course, and subdividing and selling improved
or unimproved lots for residential purposes * * *
Ridgemark’s articles of incorporation also provide that the
corporation's business purposes are “To engage primarily in the
specific business of acquiring, developing, owning and selling
real property."
Paullus contributed the 110-acre turkey farm to the
corporation in exchange for stock. The other investors
contributed cash and real property in exchange for stock in
Ridgemark. At the time of incorporation, Paullus acquired 59.3
percent of Ridgemark’s outstanding stock.
On or about November 12, 1971, Ridgemark was authorized by
its board of directors to purchase golf course irrigation
equipment from Western Rain Bird Sales. Ridgemark also purchased
102-acre and 70-acre parcels for the golf course project.
On June 22, 1972, Ridgemark filed a Declaration of Covenants
and Restrictions with San Benito County, California, for
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Last modified: May 25, 2011