In article .com,
xyzzy wrote:

On May 28, 5:57 pm, john smith
I am not a part-owner in either of the two clubs of which I am a member.
I simply rent the aircraft. All of the aircraft are lease-backs in one
club and the club is incorporated and the corporation owns the other.
There are nine airplanes in the one club and one in the other.

Who owns the corporation? In my club, the planes are all owned by the
corporation, but the corporation is owned by the members as
sharedholders. We have no non-member shareholders.

No one owns the corporation, it is a stand-alone entity.