AGM & SGM Requirements
Here are the key points regarding annual general meetings and special general meetings: 14/06/23
Annual General Meetings:
- First Annual General Meeting: The board must convene the first annual general meeting no later than 12 months after the registration of the condominium plan.
- Subsequent Annual General Meetings: Following the first annual general meeting, subsequent annual general meetings must be convened annually, no later than 15 months after the immediately preceding annual general meeting.
- Notice Requirements: Written notice of an annual general meeting must be provided to each owner and any mortgagee who has given written notice under section 26(3) of the Alberta CPA at least 14 days prior to the meeting date.
- Financial Statements and Reports: The corporation is required to prepare financial statements, an annual report on the reserve fund, and an annual budget in accordance with Canadian generally accepted accounting principles. Copies of these documents must be provided to each owner and any mortgagee who has given written notice under section 26(3) of the Alberta CPA at least 14 days prior to the annual general meeting.
Special General Meetings:
- Convening by the Board: The board has the authority to convene a special general meeting whenever it considers it appropriate. Written notice must be provided to each owner at least 14 days prior to the meeting.
- Convening upon Request: Upon written request from owners representing at least 15% of the total unit factors, the board is obligated to convene a special general meeting. Written notice must be provided to each owner at least 14 days prior to the meeting. The request should specify the nature of the business to be dealt with at the meeting.
- Timeframe for Convening: If the board receives a valid request for a special general meeting, it must convene the meeting within 30 days. If the board fails to do so, the owners may convene the meeting themselves.
- Notice Content: The notice for a special general meeting must include the purpose of the meeting, including the proposed wording of any resolution.
It’s important to note that the specific requirements and regulations may vary based on the jurisdiction and the governing documents of the corporation. It is advisable to consult the relevant legal documents and regulations specific to your situation for accurate and up-to-date information.