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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?

John Llewellyn replied on Sun, 01 Apr 2012 at 12:48

The "Act" is very clear about the convening of an A.G.M. Draft a letter to the Trustees quoting the relevant section and point out the B.C. is in "contempt" of an Act of Paliament. The cosequences, should an owner suffer as a result could be catastophic for the scheme.What springs to mind is your budget.If the scheme lapses into insolvensy you ALL must PAY !
Hope this Helps John

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