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Convening the first AGM
The original owner must hold the first AGM within 2 months of the end of the initial period, that is, when one-third of the total unit entitlements have been sold. There can be a fine of up to $1,100 if this is not done [Schedule 2, Part 1, Clause 2].
Notice of first AGM
Notice of the AGM must be given to each owner and each first mortgagee and covenant chargee shown on the strata roll. This must be done at least 14 days before the meeting [Schedule 2, Part 2, Clause 27].
Distribution of books and documents
At the first AGM, the original owner must give the owners corporation:
- all plans, occupation certificates, specifications, diagrams, maintenance and service manuals, depreciation schedules and other documents (including insurance policies) about the strata scheme
- all development consents, complying development certificates and related endorsed plans, ‘as built’ drawings, compliance certificates (within the meaning of the Environmental Planning and Assessment Act 1979), fire safety certificates and warranties obtained or received by the owner or lessor and relating to the scheme or any building, plant or equipment in it
- any other document or item relating to the parcel or any building, plant or equipment as prescribed (eg. sewerage diagrams) [Schedule 2, Clause 4 (d)]
- the certificate of title for the common property, the strata roll and any notices or other records about the strata scheme, but only if the original owner has control of them
- the accounting records and the latest financial statement.
There can be a penalty of up to $11,000 if the original owner does not give the owners corporation all of these items [Schedule 2, Clause 4].
