As soon as reasonably possible after registration, we will assist you in holding the First Extraordinary General Meeting. In this meeting, there will be a range of motions passed such as; entering into contracts, striking levies, and, electing the committee. As you are the the sole owner of all lots at this point of the development, you have the great honour in being elected Chairperson, Secretary and Treasurer.
How long you have to remain in these positions is based upon the time it takes to hold the Body Corporate’s First Annual General Meeting.
It is a responsibility of the developer to ensure the first annual general meeting of the body corporate is called and held (the first annual general meeting is different from the first extraordinary general meeting). We will undertake this on your behalf as part of our role as the appointed body corporate manager.
The first annual general meeting must be held within 2 months of the first of the following two events:
– 50% of the lots are settled, which we determine based on the Form 8s we receive
– 6 months has expired since the body corporate was registered in the Titles Office
The first annual general meeting provides an opportunity for the developer to relinquish the duties as an executive member on the body corporate committee and pass control over to new owners who, once on the committee, can make decisions for the body corporate. At this first annual general meeting the following items must be considered:
▶ The adoption and authorisation to use the body corporate common seal when executing any contracts or agreements.
▶ The budgets which were adopted at the first extraordinary general meeting are again put to the owners and ratified, and the contributions payable by each owner are again approved.
▶ The insurance policy which was first sourced by us on behalf of the developer and approved at the First EGM is reviewed.
▶ Other technical matters are decided, like holding and using the body corporate common seal, appointment of an auditor, deciding if matters are to be reserved from the authority of the committee, reviewing the by-laws, and determining if committee elections will be decided either via a secret or open ballot.
▶ Most importantly, new owners are given the opportunity to nominate for election to the committee and an election is held.
This is a very elementary overview of your obligations on the Body Corporate committee upon registration of the scheme. To learn more, please get in touch at the below:
0411 352 409
0438 318 565