First annual general meeting of management corporation

First annual general meeting of management corporation

58. The agenda for the first annual general meeting of a management corporation shall include the following matters:

to determine the number of members of the management committee and to elect the management committee where there are more than three proprietors;

to consider the budget prepared by the developer under subsection 57(4);
to decide whether to confirm or vary any amount determined as the Charges, or contribution to the sinking fund;
to determine the rate of interest payable by a proprietor in respect of late payment charges;
to consider the audited accounts of the management corporation specified in subparagraph 55(1)(b)(ii);

to decide whether to confirm, vary or extend the insurances effected by the developer for the management corporation under this Act;

to make additional by-laws; and

to consider any matter connected with the maintenance and management of the common property of the subdivided buildings or lands.

 

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