Are there penalties for not holding AGMs within the required timeframes? Who enforces these penalties?
Is it legal and reasonable for a strata manager to hold an AGM in arrears for the year before in the month when the AGM was to take place, then postpone the expected AGM for the current year by 14 months?
Are there penalties for not holding AGMs within the required timeframes? Who enforces these penalties?
It remains a statutory obligation in respect of which Orders and civil penalties may be sought.
Section 18 of the Strata Schemes Management Act, 2015 (NSW) clearly states that an AGM must be held once in each financial year. No specific monetary penalties apply in case of a breach, however, it remains a statutory obligation in respect of which Orders and civil penalties may be sought.
It may be that the 14 month period to which you refer falls within the above requirement, although if it doesn’t, it may be that the audited accounts weren’t prepared in time, that other budgeting preparation was delayed etc.
An owner or owners corporation has recourse to pursue the matter through NCAT, however, must first attempt mediation through Fair Trading.
Log in to your existing Lookupstrata Account to download the printable file.
Leanne is leading the conversation in strata and community management across Australia. With a distinguished career spanning over 25 years and holding credentials as a licensed Strata and Community Manager and Real Estate Managing Agent, Leanne has masterfully redefined the essence of premium strata service. Her approach, honed through years in senior roles within top-tier agencies, is unwaveringly client-focused, ensuring that expectations are not only met but consistently exceeded.
As a pivotal member of the Strata Community Association (SCA) and the CEO of the award-winning Premium Strata, Leanne, together with her team of seasoned strata managers, embodies a commitment to unparalleled service excellence. Beyond steering Premium Strata and Premium Building Management, her influence extends across the property industry as a leading voice. Leanne's insights on legislative updates and industry shifts are invaluable, offering guidance to lot owners on intricate strata matters and fostering effective and informed strata management practices.
Leanne is a regular contributor to Lookupstrata.
Lookupstrata Directory
Looking for NSW Strata Specialist in your area? Search within our LookUpStrata Directory for the best list of contacts available
Search the directory
Comments
Log in to leave a comment