Board calls an Owners Meeting

The board may call an owners' meeting (often called a Special General Meeting (SGM) or an extraordinary meeting), for the following reasons:

Information meeting
The board could call a meeting of owners to discuss any issue relating to the corporation they that they feel warrants a meeting.

Some condo boards hold an information meeting to explain the next fiscal year's budget so the owners will know why their monthly maintenance fees will be higher.

However, the board does not have to hold a vote on any issue that was placed on the agenda, nor do they have to agree to any changes the owners request.

Minor alterations
If the board decides to make alterations to the common elements and if the estimated costs of the alterations exceeds the greater of $1,000 and 1% of the current annual common expense budget, the board must send a notice of such a change to all the registered owners.

The notice must describe the alteration and must state its estimated cost and the manner in which the board intends to pay. (The alterations must be paid out of the operating funds.)

The notice must specify that, within 30 days of receiving the notice, owners of 15% of the units are entitled to requisition an owners’ meeting to vote on the alteration.

New or amended By-law(s)
When the board wants to add or amend a by-law, the addition or changes must be brought forth at an owner's meeting and passed by the owners of a majority of of the units.

Approval of substantial changes
The board cannot make a substantial addition, alteration, improvement to the common elements, a substantial change in the assets of the corporation or a substantial change in a service that the corporation provides to the owners unless the owners who own at least 66 2/3% of the units vote in favour of approving it at an owners' meeting.

An addition, alteration, improvement or change is substantial if its estimated cost, based on its total cost, regardless of whether part of the cost is incurred before or after the current fiscal year, exceeds 10% of the annual budgeted common expenses for the current fiscal year.

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