“What it means to represent the Body Corporate and the importance behind holding the 1st Extraordinary General Meeting and 1st Annual General Meeting”
For most professional athletes, no matter the sporting code, having the opportunity to represent your club or country for the first time can be considered an honour and privilege like no other. Similarly, to an athlete making their ‘debut,’ the first annual and extraordinary general meetings present both owners and the developer an opportunity to represent the Body Corporate for the very first time. Will you be ready for the big occasion?
Both the 1st Extraordinary General Meeting (EGM) and 1st Annual General Meeting (AGM) take place within the body corporate’s first financial year. The 1st EGM is held upon registration of the body corporate with the Queensland Titles Registry and comprises a meeting between the developer’s representative and a SSKB development consultant. The purpose of this meeting is to confirm and ratify several outstanding matters involving the day-to-day management and administration of the Body Corporate. Such agenda items include:
- Service and maintenance agreements
- Opening a bank account for the Body Corporate
- Penalties for late payment of levies
- Insurance approval
- Financial management statements
Following the 1st EGM, the 1st AGM is held at the end of the first 6 months of the scheme’s registration or when 50% or more of the scheme’s lots have been sold (whichever occurs first). Attendees at this meeting will comprise of all owners, the developer’s representative, the body corporate manager and a SSKB development consultant. The 1st AGM provides owners with the chance to represent the Body Corporate as either an executive or ordinary member of the Committee. At this stage, the developer will relinquish their duties as the Body Corporate Committee and pass on all decision-making obligations to owners.
The 1st AGM presents an opportunity for owners to have a formal meet and greet, whilst discussing any ongoing matters that may have arisen since the 1st EGM. For many owners this is the first time they will have attended such a meeting, not to mention living in a body corporate arrangement. As such, the body corporate manager will provide a clear and concise overview of what it means to take upon the duties and responsibilities of each executive role. Members of the body corporate committee will not only represent themselves but also act in the best interests of each owner.
The 1st EGM and 1st AGM are integral meetings throughout the initial 12 months of a body corporate’s existence. And like any debut of a professional athlete, it is customary to enjoy a drink with your teammates afterwards!
To learn more about the formal procedures of holding such meetings, please do not hesitate to give us a call on the below.
Coming soon – SSKB’s Developer Handbook – a guide for developers doing an off the plan community title scheme: Email us below and we will send you a copy hot off the press at the end of September.
0411 352 409
0423 874 987