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Each year the major decisions of the body corporate are made at the annual general meeting. This is the only compulsory meeting of the members.
First Annual General Meeting
The first annual general meeting must be called and held by the original owner. The timing of the meeting is within two months of the first of the following events –
50% of the lots are owned by persons other than the original owner
6 months has elapsed since the establishment of the scheme
The first annual general meeting has unique requirements. This meeting must address the following matters (Standard Module Section 77)
- Adopting and reviewing budgets
- Fixing contributions
- Reviewing insurance policies
- Choosing committee members
- Custody and use of the common seal
- Deciding what issues are to be reserved issues for the Committee
- Reviewing the by-laws
There are certain documents and materials which the original owner must hand over at the first annual general meeting (Standard Module Section 79), they are:
- A register of assets containing an inventory of all body corporate assets;
- All plans, specifications, diagrams and drawings of buildings and improvements forming part of scheme land (as built) showing water pipes, electrical wiring, drainage, ventilation ducts, air conditioning systems and other utility infrastructure;
- All policies of insurance taken out by the original owner for the body corporate;
- An independent valuation for each building the body corporate must insure;
- Documents in the original owner’s possession or control relevant to the scheme;
- The body corporate’s seal;
- Documents in the original owner’s possession or control relevant to the buildings or improvements on scheme land, not including certificates of title for individual lots, or documents evidencing rights or obligations of the original owner that are not capable of being used for the benefit of the body corporate or an owner of a lot, but including;
- contracts for building work, or other work of a developmental nature, carried out on scheme land; and
- certificates of classification for buildings and fire safety certificates;
- administration fund and sinking fund budgets
- sinking fund forecast for the scheme’s first 10 years that must include an estimate for the repainting of common property and of buildings that are body corporate assets.
