So many members ask what is an AGM and what is the procedures – and when members are unsure of how things work, they are hesitant to take part – It is so important for members to take part in their Community Schemes AGM and below we will discuss a few points on what a AGM intitles.
Members will first receive a notice of the upcoming AGM. • A minimum of 30-day notice is required. • The notice will include the date, time, and venue where the AGM will be held.
Members then need to register to attend the AGM. • It is essential that the Members indicate who will attend the AGM so that the MA know if there will be a quorum for the AGM to proceed. • What is a Quorum? A Quorum means, the minimum required members present to continue with the meeting. • The MA counts all the members and proxies present to determine that a Corum is then reached.
The AGM is held, and the Trustees and MA is present to show the Community Schemes Financial performance. • The Chairperson will welcome all the members and open the meeting. • If the Chairperson is not present after 15 minutes from the starting of the meeting another Trustee will be voted in, to continue with the proceedings of the meeting.
Members that can’t attend the AGM in person may vote by proxy, the proxy need to be submitted 24 hours before the meeting or it could be given to the Chairperson at the start of the meeting. • What is a proxy? This is when a member that can’t attend the AGM gives another person the right to vote on his/her behalf.
What needs to be present and form part of your documentation at the AGM: • The agenda - will be passed on to everyone at the meeting. • The Minutes of the previous AGM held – The Chairperson will need to sign of after approval, of the previous Minutes. • Copy of the Community Scheme’s rules. (This is just to have a reference) • Procedures to elect new members. • Voting Tables • The Chairpersons Annual Report. • Treasurer’s Annual Report. • Secretary's Annual Report. • The 10-year maintenance plan. This is done by working through the Budged for the Community Scheme and discussing the 10-year maintenance plan. • The Budged for the next Financial Year. • The financials for the previous financial year. Members will vote on the issues at hand.
Once all matters have been discussed and voted on, keeping in mind that someone must take minutes or recordings of the meeting, there will be time to discuss general issues.
The meeting will come to a close and the date of the next meeting will be provided, if the Trustees have the following date.
*Being part of a Community Scheme is being part of a family, it can have great impact on your financial position and has a direct impact on when a member is thinking of Selling his/her property in terms of the value of the property. It is therefor essential to be part of this meeting.