This article about the Annual General Meeting in Victorian Owners Corporations has been provided by Rochelle Castro, RC & Co Lawyers.
Annual General Meetings and the Victorian Strata Legislation
Owners Corporation Act 2006 – Sect 69
- An owners corporation must have an annual general meeting if it receives or pays out money in any financial year.
- The time between the annual general meetings must not exceed 15 months.
That means that an owners corporation, where it receives and / or spends money, must make decisions by holding annual general meetings.
The Agenda for the Annual General Meeting
Owners Corporation Act 2006 – Sect 71
- The person convening an annual general meeting must prepare an Agenda setting out the matters to be dealt with at the annual general meeting.
- The matters to be dealt with at the annual general meeting must include:
- the election of a committee, if the owners corporation is to have a committee;
- the appointment of a manager, if applicable;
- the provision of details of the insurance held by the owners corporation;
- the provision of details of fees fixed by the owners corporation during the year;
- the consideration of the financial statements of the owners corporation;
- the consideration of the proposed annual budget of the owners corporation;
- the making of any delegations;
- the consideration of any report under various section that is listed in Section 71 of the owners corporations act;
- the tabling and consideration of the minutes of the previous annual general meeting.
In other words, the annual general meeting is quite prescribed and it’s important for all stakeholders to make sure that attendance is made by those who can vote at an annual general meeting. Otherwise, there will be a difficulty in operating for the upcoming or the next financial year.
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This post appears in Strata News #433.
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