What happens if the Trustees refuse to call an AGM? Can the Managing Agent call the AGM?
The STSM Act makes provision for the people that can validly call an AGM.
This list includes the following people:
- The Trustees (by majority vote)
- Owners holding at least 25% of the PQs
- Bondholders of at least 25% of the number of primary sections
As you can see from this list and the quote from the Act below this does not include the Managing Agent. So the Managing Agent has no power to call general meetings (SGM or AGM) on his / her own accord and may not do so.
If we are battling to get the Trustees to call an AGM then we need to notify the owners so that they can get 25% together to insist on the meeting.
(4) The trustees may by resolution call a general meeting whenever they think fit and must do so if either—
- members entitled to 25 per cent of the total quotas of all sections; or
- the holder of mortgage bonds over not less than 25 per cent in number of all the primary sections,
deliver to the body corporate a written and signed request for a special general meeting; provided that if the trustees fail to call a meeting thus requested within 14 days of delivery of the request, the members or bondholder concerned are entitled to call the meeting.