STO Forums

Search

Type your search criteria above and click Search to search the forums.

To see if someone has already answered a query similar to yours, click the Search button above and search for terms related to your question.

Calling AGM

By Poppy Field on Mon, 29 Apr 2019 at 17:39

Our trustees have NOT called an AGM 10 months on after the end of the financial year. Can an individual owner call for an AGM and the managing agent send out the 14days notice ? What happens if the end if the finacial year comes round again an no AGM ? We all pay to the CSOS but they have no teeth, they can rule, but unless you are prepared to go to a magistrates court, there is no way to enforce the CSOS RULING. Is the CSOS value for money or just another money making scheme ?

Replies

You must login to post a reply.

RE: Calling AGM

andrew church replied on Sat, 04 May 2019 at 11:00

( Can an individual owner call an AGM and the managing agent send out the 14days notice ? )
-------------------
STAATSKOERANT, 7 OKTOBER 2016 (Page 38,39)
Rule(4) The trustees may by resolution call a general meeting whenever they think fit and must do so if EITHER—(a) MEMBERS entitled to 25 per cent of the total quotas of all sections; or (b) the HOLDER of mortgage bonds over not less than 25 per cent in number of all the primary sections, DELIVER to the body corporate a written and signed REQUEST for a special general meeting; provided that if the trustees FAIL TO CALL a meeting thus requested within 14 days of delivery of the request, the members or bondholder concerned are ENTITLED to CALL the meeting.(5) Members or a bondholder who REQUEST a meeting in terms of sub-rule (4) must include one or more motions or matters for discussion with their REQUEST and these motions or matters must be included, without amendment, in the agenda for the meeting.
======================
( What happens if the end if the financial year comes round again and no AGM ? We all pay to the CSOS but they have no teeth )
-------------------------
In my opinion look at Rule 26.(5)(c)(ii) before going to CSOS. Keep in mind this rule indicates that the Audit MUST INCLUDE OPINIONS with a specific DESCRIPTION of ANY FAILURE TO COMPLY with the REQUIREMENTS set out in rules 21, 24 and 26.
---------------------
Understanding the REQUIREMENTS set out in rules 21, 24 and 26 may assist you to POINT OUT any DESCRIPTION of FAILURE you have identified ?
-------------------
In conclusion,the question to ask would have to be the following? In your opinion as an INVESTOR in the Body Corporate. Do you believe that it may be a good idea to EMAIL the AUDITOR and INFORM him of ANY FAILURE you may have identified USING RULES 21,24 and 26 ?

1
Advertisements
Banner
Website Statistics
  • Forum Topics: 11683
  • Users: 21199