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.
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