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Late Inaugural Meeting
I was the first to purchase from a developer in Dec 2008. Only 1 other sale has gone through recently so the developer is still majority owner.The Inaugural Meeting is only going to be held on 31/08/2010.
I have had plenty of problems eg: overcharging of levy, none of which have not been resolved. Now I am told by the MA that I must sort out the mistakes they have made, in the meeting.
Can the owners, one of them new, make decisions like changing the budget and levy going back almost 2 years? Surely the levy I signed for stands, until it is changed by the owners at the First Meeting and only from that date forward?
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RE: Late Inaugural Meeting
Hi Theresa,
I stand open to correction, but one of the reasons for the inaugural meeting is to approve the budget and determine the levies. The inaugural meeting should be held within 60 days of the transfer of the first property to a person other than the developer. My interpretation of the Act is that no levies are payable prior to the inaugural meeting. Any costs incurred up to that point are for the developers account....Show More
Unfortunately few inaugural meetings are held within this 60 day period, and the Act does not prescribe any penalty for failing to hold the meeting within the stipulated time limits.
RE: Late Inaugural Meeting
Please peruse Prescribed Management Rule 50 of the S.T.Act for full details.Please peruse the Act under Browse the Library.
Please note that until the Inaugaral General Meeting is held each owner is a Trustee.
RE: Late Inaugural Meeting
Hi
There was an amendment to the STA in 2005 which makes the developer "… guilty of an offence and liable on conviction to a fine or to imprisonment for a period not exceeding two years."
Unfortunately it does not go so far as to say what procedure has to be followed to enforce this but I would assume it would have to follow a legal/court route as there are penalties concerned (and not the type one would find in CR's for making a nuisance of oneself)
...Show More
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