1st AGM for a brand-new Scheme
So you have bought your sparkling new apartment and have received paperwork from your Community Manager about something called a 1st annual general meeting (AGM).
If you are wondering what this is about and if you should be involved, please read on!
The 1st AGM must be called and held by the original owner (developer) who is assisted by your Community Manager. The meeting must be held within two months of the first of the following events:
- 50% of the lots are owned by persons other than the original owner
- 6 months has elapsed since the establishment of the scheme
The 1st AGM has unique requirements and subsequent annual general meeting will differ slightly. The 1st AGM must address the following matters:
- Adopting and reviewing budgets as set by the original owner and discussed at settlement
- Fixing contributions
- Reviewing insurance policies
- Choosing committee members
- Custody and use of the common seal
- Deciding what issues are to be reserved issues for the committee
- Reviewing the by-laws
- Appointment of auditor
Tips for a new owner
- You will receive your notices for general meeting around 3 weeks before the meeting occurs. Ensure your vote is counted by following the voting instructions on the agenda.
- Only motions on the agenda are considered and cannot be added at the meeting. If you wish a motion to be considered, contact us via our website and we will be happy to help.
- The 1st AGM is also the forum in which the Body Corporate holds the election of committee members. A ballot may be necessary where the number of nominees is more than the number of available committee positions. Research each role of the committee to see if there are any positions that you would like to nominate for.
- Voting can be from the floor or via voting paper for the agenda motions, you must attend in order to vote on a ballot for the election of committee members, if one should occur.
- If a quorum is not reached within 30 minutes, it will be adjourned to the same day and time the following week. A quorum is 25% of eligible voters.
- If you owe a debt to the Body Corporate, you cannot vote on the annual general meeting agenda (except for a resolution without dissent), or nominate for a committee position. Check out your account balance via the app or through the portal.