sec.42First annual general meeting [ SM, s 94 ]

sec.42 First annual general meeting [ SM, s 94 ]

The original owner must call and hold the first annual general meeting of the body corporate as required by this section. Maximum penalty—150 penalty units. The meeting must be called for and held within 2 months after the first of the following to happen— more than 50% of the lots included in the community titles scheme are no longer in the ownership of the original owner; 6 months elapse after the establishment of the scheme. The agenda for the meeting must include the following items of business— adopting or reviewing budgets, and fixing of the contributions to be levied against the owners of lots, for the body corporate’s first financial year; reviewing the policies of insurance taken out for the body corporate and, if appropriate, changing the insurance; choosing the secretary and treasurer; deciding what issues are reserved for decision by ordinary resolution; See section 17 (1) (c) . deciding whether the by-laws should be amended or repealed; any motion submitted by a member of the body corporate before the first annual general meeting if it is practicable to include the motion; if the meeting is called on the order of an adjudicator under the dispute resolution provisions—deciding issues the adjudicator orders to be placed on the agenda for the meeting. If the original owner does not call and hold the first annual general meeting as required by this section, the order of an adjudicator under the dispute resolution provisions may include an order appointing a person to call the first annual general meeting within a stated time. The original owner is not relieved of liability for not calling and holding the first annual general meeting because the meeting has been called and held under the order of an adjudicator. To avoid any doubt, it is declared that an extraordinary general meeting of the body corporate may be called even though the body corporate’s first annual general meeting has not yet been held. Subject to section 43 (4) , this section does not apply to the body corporate of a community titles scheme to which section 43 applies. s 42 amd 2024 SL No. 40 s 40 (sec.42-ssec.1) The original owner must call and hold the first annual general meeting of the body corporate as required by this section. Maximum penalty—150 penalty units. (sec.42-ssec.2) The meeting must be called for and held within 2 months after the first of the following to happen— more than 50% of the lots included in the community titles scheme are no longer in the ownership of the original owner; 6 months elapse after the establishment of the scheme. (sec.42-ssec.3) The agenda for the meeting must include the following items of business— adopting or reviewing budgets, and fixing of the contributions to be levied against the owners of lots, for the body corporate’s first financial year; reviewing the policies of insurance taken out for the body corporate and, if appropriate, changing the insurance; choosing the secretary and treasurer; deciding what issues are reserved for decision by ordinary resolution; See section 17 (1) (c) . deciding whether the by-laws should be amended or repealed; any motion submitted by a member of the body corporate before the first annual general meeting if it is practicable to include the motion; if the meeting is called on the order of an adjudicator under the dispute resolution provisions—deciding issues the adjudicator orders to be placed on the agenda for the meeting. (sec.42-ssec.4) If the original owner does not call and hold the first annual general meeting as required by this section, the order of an adjudicator under the dispute resolution provisions may include an order appointing a person to call the first annual general meeting within a stated time. (sec.42-ssec.5) The original owner is not relieved of liability for not calling and holding the first annual general meeting because the meeting has been called and held under the order of an adjudicator. (sec.42-ssec.6) To avoid any doubt, it is declared that an extraordinary general meeting of the body corporate may be called even though the body corporate’s first annual general meeting has not yet been held. (sec.42-ssec.7) Subject to section 43 (4) , this section does not apply to the body corporate of a community titles scheme to which section 43 applies.