What to Expect at Your First AGM – QLD
1st AGM for a brand-new Scheme
So you have bought your sparkling new apartment and have received paperwork from your Community Manager about something called a 1st annual general meeting (AGM).
If you are
wondering what this is about and if you should be involved, please read on!
The 1st AGM
must be called and held by the original owner (developer) who is assisted by
your Community Manager. The meeting must be held within two months of the first
of the following events:
- 50% of the lots are owned by persons other than
the original owner
- 6 months has elapsed since the establishment of
The 1st AGM has unique requirements and subsequent annual general meeting will differ slightly. The 1st AGM must address the following matters:
- Adopting and reviewing budgets as set by the original owner and discussed at settlement
- Fixing contributions
- Reviewing insurance policies
- Choosing committee members
- Custody and use of the common seal
- Deciding what issues are to be reserved issues for the committee
- Reviewing the by-laws
- Appointment of auditor
Tips for a new owner
- The 1st AGM is also the forum in which the Body
Corporate must hold a ballot for the election of committee members. A ballot
may not be necessary where the number of nominees is fewer than the number of
available committee positions.
- The 1st AGM is not a forum for open
discussion. Only motions on the agenda are considered.
- Research each role of the committee to see if there are any positions that
you would like to nominate for.
- Voting can be from the floor or via voting
paper for the agenda motions, you must attend in order to vote on a ballot for
the election of committee members, if one should occur
- If you owe a debt to the Body Corporate, you
cannot vote on the annual general meeting agenda (except for a resolution
without dissent) or nominate for a committee position.
- Voting at the annual general meeting is a
- Notices for the annual general meeting are sent
out at least 21 days before the meeting occurs. If the agenda is being posted
it has to be circulated 28 days in advance, this allows 5 extra days for
postage. This gives you as an owner ample opportunity to consider all the matters
to be voted on prior to the meeting. If a quorum is not reached within 30
minutes it will be adjourned to the same day and time the following week.
- Although the 1st AGM is not compulsory
attendance is encouraged so owners have a say in their investment.
SSKB understands the importance of your committee making major decisions that will impact your Body Corporate for the year ahead. We work with committees to ensure that your community runs as efficiently as possible. Click here to make the switch to SSKB today.