PROCEDURES

First Official Meeting (Inaugural Meeting)

It is the Developer’s  responsibility to convene a general meeting of all owners within 60 days after the first unit has been registered into the name of a person other than the Developer.  It is recommended that this meeting be held at the Managing Agent’s offices.  The Developer OR the Managing Agent can chair the meeting.  The Developer does not need to be present if chaired by the Managing Agent.

Notice: 7 days written

Agenda:

  • Insurance
  • Budget
  • Taking cession of contracts entered into by Developer
  • Appointment of Auditor
  • Election of Trustees
  • Restrictions or directions of Trustees
  • Determination of “domicilium citandi et executand”

Duties:

  • Determine Levies
  • Insure building
  • Keep record and enforce Conduct Rules
  • Keep minutes (to be kept at Managing Agent’s office)
  • Appoint agents, contractors and employees in connection with operational running of building
  • All Trustees to have a portfolio to look after
  • “As a Trustee you must act honestly and in good faith, and manage your functions only in the best
    interest of the body corporate.  You cannot exceed your powers and cannot have conflicts of material interest.”

Number of trustees:
To be determined from time to time, there shall not be less than two (2) trustees.  An uneven number is advisable.

Trustee responsibilities:
To Control, Manage and Administer the common property for the benefit of all owners

Reference – Developer:  RENICO CONSTRUCTION