The original owner (the developer) is responsible for holding the 1st AGM. As a developer your developments 1st AGM is unique as there are special provisions and requirements that must be met in order to hand over the development to the new Body Corporate. These requirements are specified within the Act and the 5 separate regulation modules under the Act.
- Standard Module: Chapter 4, Part 2, Division 2, Section 77
- Accommodation Module: Chapter 4, Part 2, Division 2, Section 75
- Commercial Module: Chapter 4, Part 2, Division 2
- Small Schemes Module: Chapter 4, Part 2, Division 2
- Specified Two-lot Schemes Module: N/A
The two triggers to call the 1st AGM 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 called and held within 2 months of either of these events occurring. Specific documents must be handed over to the Body Corporate at the 1st AGM by the original owner (the developer).
Apart from addressing all the statutory requirements as
outlined in the Act and regulation modules, you may also wish to submit motions
regarding the further allocation of exclusive use areas or motions regarding
the appointment of a Caretaker Manager.
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.
SSKB is the respected name in strata management with decades of experience managing body corporate and owners corporation developments across the east coast of Australia. SSKB Developer Consultancy division prides itself on attention to detail.
Talk to our team today to discover how SSKB Developer Consultancy can minimise developer risk and increase profit margins by clicking here.