What is the annual general meeting (AGM) for?

An owners corporation must invite all of its members to attend an AGM if it pays out or receives any monies in the owners corporations financial year.
At the AGM, the owners corporation must consider and report to the meeting on the following:

  • The preceding years financial statements
  • The proposed annual budget
  • The minutes of the previous AGM
  • The details of any waived interest payments
  • The implementation of the maintenance plan
  • Any valuation that was obtained in the prior year
  • A report from the committee of the owners corporation
  • A report from the owners corporation manager
  • A report in relation to any disputes relating to the owners corporation
  • Details of any fees fixed by the owners corporation for the year
  • Details of all insurances held by the owners corporation
  • Details of any delegations made