What is the purpose of a condo corporation’s Annual General Meeting?
A condo AGM is a legally mandated meeting during which the board shares important updates and financials with owners. Its main purpose is to have owners review the corporation’s financial statements, appoint an auditor, elect board directors and vote on any changes to the by-laws.
How far in advance must an Annual General Meeting notice be sent to owners?
Owners must receive a notice of meeting at least 15 days before the AGM, and a preliminary notice of meeting at least 20 days before that. This two-step 35-day process ensures owners have enough time to prepare and consider running for a board position.
What is the quorum for an Annual General Meeting?
AGM quorum is achieved when owners representing at least 25 per cent of the corporation’s units are present. If this requirement is not met on the first or second attempt to hold the meeting, the quorum is reduced to 15 per cent for the third and any following attempts.
How often are Annual General Meetings held?
The first AGM is held within three months of the condo being registered. After this, all AGMs must be held within six months of the end of each fiscal year of the corporation. Check out our Condo Calendar Tool to see when your condo’s AGM deadline.
What can owners do if the board has not held an AGM within the required timeline?
The first step in addressing concerns is to speak with your condo’s management or board in a collaborative and constructive way. If you are not able to come to a resolution while doing this, you may consider sending a formal expression of concern using one of CAO’s letter templates.
Requisitioning an owners’ meeting, going to court or consulting with a lawyer are other available options that may be more adversarial, complex, and costly.