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AGM - whose responsibility?

By Camelot Windsor on Thu, 22 Mar 2012 at 18:22

We have 5 trustees and a managing agent. Whose responsibility is it to call the AGM? Do the trustees do this when the MA says the financials are ready? Does one trustee get landed the job of doing it every year? What happens if we don't have an AGM? The owners don't care, the trustees couldn't care, and if the MA cares, we don't know that. Every year it's just left up to me to do, and this year I couldn't be bothered because no one bothers. So what if we don't have an AGM for one year? Who is going to know? Maybe we'll hold it over for 9 months and have it next year?


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RE: AGM - whose responsibility?

Myburgh Brink replied on Fri, 23 Mar 2012 at 10:27

From the opening sentences of PMR's 36, 37, 38 and 39 it is quite clear that it is the responsibility of the trustees to convene the AGM i.t.o. the STA and Rules. §40 (1) states:" Each trustee of a body corporate shall stand in a fiduciary relationship to the body corporate." By implication this would mean they are expected to act in the best interests of the BC (i.e. owners). Trustees who "trustees couldn't care" are not worthy of the name trustee and should be replaced – possibly by an Administrator.

After having said all this I do see why you should be worried as you mentioned in another post some time ago that your scheme is not necessarily "run by the book" - so maybe it should not be an issue(?).

RE: AGM - whose responsibility?

Camelot Windsor replied on Fri, 23 Mar 2012 at 11:13

Myburgh, the only "issue" is that everything is always left to ME to do. There are 5 trustees of which I am one. Why do the others simply leave everything to me to do? Have I intimated in any other "post some time ago" that I would be prepared to DO EVERYTHING?

I cannot understand how this topic has made its way onto STO since I deleted the topic within 5 minutes of writing it!

RE: AGM - whose responsibility?

Thomas Groenewald replied on Fri, 23 Mar 2012 at 17:35

Ian, I cannot comprehend the apathy of people with regard to their property (investment). Did the fellow members of the body corporate you belong to learned nothing from the incident of their managing agent stealing their funds. The collective of owners remain responsible.
My suggestion is to prepare a shocker of a budget that would result in heafty levy increases. It might just wake fellow members up?

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