Condominiums have several different types of meetings. In this article we will give a quick overview of the different types of meetings and how & when Owners are involved.
The Turnover Meeting: This is the very first Owner Meeting. This meeting will take place once the builder (also called the Declarant) is no longer the majority owner of units in the building, and when the Condominium has been registered at the Land Registry Office. One of the most important things that will happen at the Turnover Meeting is the Owner Election for the very first Owners’ Board. The builder will also turnover a number of important documents to the new Board, such as the registered Declaration, by-laws and rules, and insurance policies, any agreements already entered into on behalf of the Corporation, and more.
CAO – Turnover Meetings
Annual General Meeting: The Annual General Meeting is commonly referred to as the AGM, and must be held within six months of the fiscal year end. Typically, Condominium Corporations will hold an AGM once a year to complete
Corporation business. Owners will be invited and are encouraged to join the Annual General Meetings. If they cannot, they should utilize their proxies to ensure the meeting will have quorum. Some key points of business that are addressed in AGMs include:
• Approval of the previous AGM minutes
• Review of the audited financial statements – regularly the auditor will be invited to review their report and answer Owner questions.
• Approval of the audited financial statements
• Appointment or re-appointment of the auditor – The auditor works for and reports to the Owner. The Board cannot change the auditor or re-appoint without an Owner vote.
• Election of Directors
• New Business – Owners can address Corporation related matters of concern to them.
Townhall Meetings: Sometimes the Board will hold townhall meetings for Owners, and maybe even permit tenants to attend as well. A townhall meeting is generally less formal than an AGM. There may be an agenda and other documentation distributed to the Owners ahead of the meeting, but there won’t be the same business to attend to as in the AGM. Board’s often call these meetings just to communicate better with the Owners/Residents, and get feedback. Lawyers and auditors are not usually in attendance, unless they are specifically required. If there is a major project going on, sometimes the engineer and contractor will join to answer Owner questions during a townhall meeting.
Board Meetings: The Board will meet once a month (smaller Corporation’s may meet slightly less often). The goal for Board Meetings is so the Directors may review, discuss and make decisions on Corporation matters. During Board meetings the Board will review the previous minutes, review and approve the monthly unaudited financials, and more. It is common that the Condominium Manager will be included in these meetings, and will provide a Management report to the Board, and take Board direction. Owners are not invited to Board Meetings, but they can put requests or suggestions in writing to the Board (to be discussed during the meeting), or they can request to attend a meeting. Owners would only be able to be in attendance for discussions of general Corporation matters. All Board Meetings must have quorum. For example, if the Board has five Directors, then there must be three in attendance to establish quorum, and constitute a valid meeting. Board decisions are made by a majority in favour.
Owner Requestioned Meetings: As per the Condo Act,
Owners have the right to requisition (request) the Board to call and hold an Owners’ Meeting. This is not something that happens often, and usually not at all in well-functioning Condominiums, but it can happen. Common reasons that an Owner or group of Owners may request the Board to call and hold an Owners’ Meeting could be: removal and replacement of a Director before their term expires; or discussion and/or vote on a rule change, or discussion on developing issues within the Condo. A meeting requisition must be signed by the Owners of at least 15% of the voting units in the Condominium Corporation. Meeting Requisitions must be in writing, review the topics that will be addressed or voted on during the meeting, and delivered personally or by registered mail to the Board President or Secretary, or delivered to the address of service.
