The Annual General Meeting

The Annual General Meeting (AGM) is where the board of directors gives its annual report to the owners on the status of their condo corporation. The board shall hold the AGM within six months of the end of each fiscal year.

It is a formal meeting that follows formal rules of procedure and the meeting has to conform to the requirements stated in the Act. The meeting must follow the agenda that was sent out with the notice of the meeting.

The board may also at any time call a meeting of owners for the transaction
of any business, and the notice of the meeting shall specify the nature of
the business.

The auditor presents his report first. That is because he is paid by the hour and the sooner he presents his report, answers all questions put to him and leaves, the less it costs the corporation.

The President's Report should give the owners an overview of the corporation. He should report on the maintenance of the building, any important projects that are underway or being planned and on the performance of the different contractors that work on the property.

The treasurer is in charge of your treasure and should explain how well the actual expenses are doing against the budget and the Reserve Fund balance compared to what amount the Reserve Fund Study calls for. (However, this is rarely done.)

New business
Any changes to the declaration or by-laws needs to be discussed and voted upon. The owners should vote on any costly improvements to the property that is planned but, unfortunately, they do not always get that opportunity.

Then there are the elections for the open positions on the board of directors. Usually, all the candidates get a couple of minutes to make a campaign speech and sometimes the owners get the opportunity to ask the candidates questions but most often they do not.

Other business
This is when the owners get the chance to give their ideas, state what issues are important to them, raise problems and complain about all kinds of items, both big and small.

It is important for you to listen to the other owners' concerns and problems. You may find that others have the same issues that you do.

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