Verifying AGM Compliance with CPA Provisions
To confirm whether a condominium corporation has complied with the CPA requirements for holding an Annual General Meeting, condominium managers must verify the following:
✔ Timeline Requirements:
The first AGM must be held within 12 months of the condominium plan registration.
Subsequent AGMs must be held within 15 months of the previous AGM.
✔ AGM Notice Compliance:
Notice must be sent at least 14 days before the meeting.
Delivery must follow the methods outlined in the condominium bylaws (e.g., mail, email, hand-delivery).
✔ Quorum Verification:
The minimum number of unit owners required to be present (in person or by proxy) must be met.
If quorum is not met, the meeting may need to be rescheduled.
✔ Financial Reporting Requirements:
The corporation must present audited financial statements to unit owners.
The board must also provide a reserve fund report and explain any major planned expenditures.
Creating a Step-by-Step AGM Compliance Checklist
Step-by-Step AGM Compliance Checklist
Step 1: Verify AGM Timeline Compliance
☐ Confirm that the AGM is scheduled within 12 months of registration or 15 months of the last AGM.
Step 2: Confirm AGM Notice Requirements
☐ Ensure that the notice will be received at least 14 days in advance.
☐ Verify that notice delivery methods comply with corporation bylaws.
☐ Check that the notice includes the agenda, date, time, location, and voting procedures.
Step 3: Ensure Proper Meeting Preparation
☐ Confirm that quorum requirements are met.
☐ Prepare copies of financial statements and reserve fund reports.
☐ Confirm availability of an independent auditor (if required by the bylaws).
Step 4: Conduct the AGM According to CPA and Bylaws
☐ Ensure the meeting follows proper parliamentary procedures (e.g., Roberts Rules of Order).
☐ Allow for unit owner participation as required by the CPA.
☐ Ensure that all agenda items (e.g., board elections, financial reports) are covered.
Step 5: Document and Distribute Meeting Minutes
☐ Record all key decisions made during the AGM.
☐ File minutes as part of the condominium corporation’s official records.
☐ Distribute copies to unit owners within 60 days.
