Question: Should a top up for a management rights agreement be listed as an ordinary motion? I thought this would be a Special Resolution and thus require a more positive vote from the owners.
I have been looking at past AGM minutes and noticed a top up for a management rights agreement motion listed as an ordinary motion. The motion was a top up not an option from the contract. I would have thought that granting a 5 year extension that costs 5 x annual payment would equal $400,000. Should this have been a Special Resolution and thus require a more positive vote from the owners.
Answer: No, ordinary resolution is the correct resolution threshold for this scenario.
This post appears in Strata News #473.
Chris Irons Strata Solve E: chris@stratasolve.com.au P: 0419 805 898