ANNUAL GENERAL MEETINGYour owners corporation (otherwise known as body corporate) 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 annual general meetings varies from state to state but is usually between 12 and 15 months.
The annual general meeting is the main opportunity for lot owners to discuss issues relating to their property and elect the committee and office bearers for the next year.
The meeting will cover:
- Income and expenditure of the owners corporation during the past financial year
- Assets and liabilities of the owners corporation at the end of the past financial year
- Maintenance works and the maintenance plan
- A report from the committee
- A report from the owners corporation manager, and
- Complaints and emerging issues
Notice of MeetingThe notice of the annual general meeting must be in writing and delivered to lot owners between 14 and 21 days prior to the date of the scheduled meeting.
The notice must include:
- The date, time and location of the meeting
- The general nature of business and any motions 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.