As a Developer, you are responsible for holding the schemes 1st Annual General Meeting (AGM).
There are two triggers that prompt the 1st AGM. These triggers are when fifty percent of the lots are owned by persons other than the original owner or 6 months have elapsed since the establishment of the scheme. The meeting must be held within 2 months of either of those events occurring.
What Will Occur at the 1st AGM?
The 1st AGM must address the following matters:
- Adopting and reviewing budgets as set by the original owner
- Discussion of contributions
- Reviewing insurance policies
- Choosing Committee Members
- Custody and use of the common seal
- Reviewing of by-laws
- Appointment of auditor
As well as addressing all the statutory requirements as outlined in the ACT and regulation modules, you may also wish to submit motions regarding the allocation of exclusive use areas or motions regarding the appointment of a Caretaker Manager.
At SSKB our Developer Consultancy team understands the importance of the 1st AGM. We can assist in the major decision making and ensure the Body Corporate runs effectively and efficiently post development.
Click here to watch SSKB Developer Consultant Oliver McCall speak on the importance of the 1st AGM.
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