What to Expect at Your First AGM - QLD - SSKB Strata Managers

What to Expect at Your First AGM – QLD

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 scheme

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 formal process.
  • 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.

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