Annual General Meeting (AGM) of an Strata Corporation

ANNUAL GENERAL MEETING

Your Strata Corporation must hold a meeting of all lot owners (called the annual general meeting) if it receives or pays out money during the financial year. The time between the annual general meetings varies from state to state and is between 11 and 15 months.

The annual general meeting is the main opportunity for lot owners to discuss issues relating to their property and elect the management committee and office bearers for the next year. The meeting will cover:

• Income and expenditure of the Strata Corporation during the past financial year
• Assets and liabilities of the Strata Corporation at the end of the past financial year
• Maintenance works and the maintenance plan
• A report from the management committee
• A report from the Strata Corporation manager, and
• Complaints and emerging issues.

Notice of Meeting

The notice of the annual general meeting must be in writing and either handed or sent to lot owners 14 days prior to the date of the meeting. The notice must include:

• The date, time and location of the meeting
• The general nature of business and any resolutions to be discussed at the meeting (the agenda)
• The text of any special or unanimous resolutions to be decided
• The financial statements
• The proposed budget, and
• a statement that lot owners have a right to appoint a proxy.

What is a Quorum?

A ‘quorum’ is the minimum number of members needed to transact business at a meeting. The minimum number is typically 50% or more of lot owners and proxies. If a quorum is not met, then resolutions at the meeting are interim.

Voting

Strata Corporation members or their proxies can vote at a meeting or by a ballot. At a meeting, voting is usually by a show of hands, with one vote for each lot. However, in some developments one lot may be entitled to more than one vote. Any lot owner may require before or after a vote by a show of hands, that voting be based on lot entitlements.

Electing a management committee

By law, a Strata Corporation may elect a management committee at each annual general meeting.