AGM & SGM
Your owners corporation (formerly body corporate) must hold a meeting of all lot owners if it receives or pays out money during the financial year. This is called the annual general meeting. The time between the annual general meetings for an owners corporation must not exceed 15 months.
The annual general meeting is the main opportunity for lot owners to discuss issues relating to their property and elect the committee and office bearers for the next year.
The meeting must cover:
- income and expenditure of the owners corporation during the past financial year
- assets and liabilities of the owners corporation at the end of the past financial year
- maintenance works and the maintenance plan
- a report from the committee
- a report from the owners corporation manager
- complaints and emerging issues.
The annual general meeting is used to:
- appoint a committee
- consider a maintenance program and budget for the next financial year.
The notice, agenda, financial statements, budget and minutes of the previous meeting must be given to all lot owners at least 14 days before the meeting. An additional day or two should be allowed for postage. The annual general meeting can be very busy, with many reports and agenda items. Some matters may be left to a special general meeting.
The Owners Corporations Act specifies the persons who may convene annual general meetings and special general meetings (which fall between annual general meetings), as shown in Table 3 below. In doing so, it distinguishes between elected officials (the secretary and chairperson), the manager, and individual lot owners.
General meetings (other than the annual general meeting) are called special general meetings and must have a specific purpose.
Special general meetings are often called to deal with business that cannot wait until the organisation’s annual general meeting. A range of matters may be considered, including those that must be decided by a special resolution.
Your association may hold a special general meeting if each member who is entitled to vote has been notified of the date, time and place, as specified in the rules. If your association’s rules provide for voting by proxy using a standard form, members must be given a copy of that form with the notice.