The requisition meeting

Three of the five armed security guards

The first point to make about this requisition meeting was the intimidation caused by the board hiring five security guards that were wearing bullet-proof vests and armed with 9mm combat pistols. The five—three in the front and two at the back—had the owners in a potential cross-fire.

The auditor
The auditor attended the meeting as an owner sent him a written request to attend. The owners wanted him to explain what the financial statements meant and to ask about a couple of qualifications the board was making in the Status Certificates about the actual amount in the reserves may be lower than what the financial statements claimed.

One owner purchased her unit based on the false information that was contained in the Status Certificate.

A list of questions was distributed to the owners so that the corporation lawyer, who was chairing the meeting, would not be able to stifle the one or two owners who could read the statements.

Voting on the removal
The removal of the three directors failed due to the inexperience of the activists who were collecting the proxies. Not all of the proxies they submitted were accepted by the corporation's lawyer who was chairing the meeting. Some were missing information and some of the owners were in arrears as they hadn't paid their special assessments.

Other business
The owners grilled the directors about the terrible financial shape that the corporation was in, why much needed repairs were not done and why did they hire Greater Toronto when the owner lost his real estate brokers licence due to fraud and forgery.

Results
It was very disappointing that the requistionists were not successful in replacing the directors but the meeting was not a failure as:
a.)
The fact that Pervez Tagari lost of his real estate brokers licence for forgery and fraud was not denied.
b.)
The seriousness of the corporation's financial situation was brought out in the open.
c.)
The directors and Greater Toronto were discredited by their hiring five armed security guards in an obvious attempt to intimidate the owners.
d.)
It was clear that the board, management and the auditor lost the confidence of a large number of owners.
e.)
The AGM was due in two to three months and all the directors were up for re-election. The owners would be better organized then.

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