05 Mar A MC’s First AGM
Just like establishing a JMB, you would first need to convene an AGM to establish a MC.
The MC’s first AGM has to be held within one month from the date the Strata Title is issued. At least 14 days prior, the developer has to put up a notice of the AGM a visible place of the development area.
What To Do As A JMB?
As a JMB it is important to make sure that your maintenance and sinking fund accounts are accurate. Hence, you will have to make sure that both accounts have been audited annually. The accounts must have been audited up to a date no earlier than 3 months before the AGM.
Other than the accounts, it is also important for you to work with the developer when preparing the annual budget, and the list of people who are entitled to vote during the AGM along with their proxies (if any). The list of people entitled to vote during the AGM and the proxies attending have to be put up at least 48 hours before the AGM.
What Must You Do As A Strata Owner?
As a Strata Owner, it is important for you to make sure that you have duly paid all the bills you owe the JMB at least 7 days before the AGM to be entitled to vote during the AGM. If you are not able to attend the AGM and would like to appoint a proxy, you will need to fill in the Proxy Form and pass it to the JMB at least 48 hours before the AGM.
If you would like to propose a motion, you would need to submit the notice of motion to the Developer at least 7 days before the AGM.
What Is Done During The First AGM?
During the first AGM, it is important that the JMB ensures that all attendees are entitled to vote. The agenda of the AGM has to include the following:
- To determine the number of members of the management committee and to elect the management committee
- To consider the budget prepared by the developer
- To decide whether to confirm or vary any amount determined as the charges, or contribution to the sinking fund
- To determine the rate of interest payable by a proprietor in respect of late payment charges
- To consider the audited accounts of the management corporation
Once the AGM is over, the JMB has to handover all the accounts and duties to the MC and dissolve within 3 months.
As such, as a Strata Owner, do attend your neighbourhood’s yearly AGM as it is important for you to obtain first-hand information about the on-goings of your neighbourhood.
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