Condo Meeting is boring.
Wednesday Jun 23rd, 2021Share
This is No.4 video of Condominium.
The topic today is Meeting, Notice of Meeting and Proxy in Condominium
Some unit owners are not interested to attend any meeting in the condominium because they don’t understand what all about the meeting is.
There are two kinds of Meeting in the Resale Condominium.
- AGM : Annual General Meeting
- Town Hall Meeting
Annual General Meeting is a Mandatory meeting held within 6 months of the fiscal year end. For example, a corporation with a December 31 year-end needs the AGM no later than June 30th.
In the AGM, the owners have agenda to approve the minutes from the prior owner’s meeting, Director election or Vacant Position, Remove or appoint an Auditor.
The other type of meeting is a Town Hall Meeting which is a meeting for Budget, Planning, Information or specific project. The unit owners would attend the Meeting for any changes to declaration, by-laws, rules; any change to common elements assets of the corporation.
Before every meeting, the owner will receive two kinds of Notice of Meeting.
- A Preliminary Notice of Meeting will be sent to the owners at least 35 days prior to the schedule date of the meeting.
- The second one is The Notice of Meeting will be sent at least 15 days before the schedule meeting date.
If the unit owner wants additional material to be included in the meeting package, he/she must submit the materials to the Condominium Corporation one day before the Notice of Meeting is delivered.
Both of Notice of Meeting would include date and location of the meeting, the purpose of the meeting, and all information related to business and agenda.
During the meetings, the unit owners also can vote.
Each unit owner has the Proxy. The purpose of a proxy is for an owner to cast a vote for him/her or appoint someone to represent the owner to vote on his/her behalf.
Before the unit owners vote, the Management needs to count the number of unit owners and persons who have the proxy in the meeting. The minimum percentage of the owners and their representative in the meeting is 25% at AGM for the first and second attempts to hold the meeting or 15% at the third attempt.
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