Penalty for not calling an AGM

There isn't any. A board can pretty well ignore the Condo Act if they don't want to hold an AGM. The worse that will happen is that a judge will order them to hold one.

Here is a reply from an American lawyer on a co-op who did not have an AGM for five years.
Since the co-op is now having a meeting, he says, that wipes out the transgression of not having done so for several years. "While certainly it was not good practice or in compliance with the governing documents not to have a meeting for five years," Braverman says, "it appears [the board has] cured it. They're having a meeting."

So the best an owner, or a group of owners, can do is either:
1. Go to Superior Court to get an order forcing the board to call an AGM, or:
2. Requestion an owners' meeting to remove the directors.

Both take time and money.

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