The annual general meeting held each year is when the officers of the community are elected and when they must provide the yearly accounts which describe in detail how the fees have been spent in the previous year and the budget for the following year is set.
The basic objective of the annual meeting is to decide on all of the most important questions that impact on the organization and functioning of the community. Six days notice must be given to each owner regarding the holding of a general meeting.
The decisions of the meetings are taken by a vote with each owner’s vote being weighted according to the number of shares they have been allotted in the community. A simple majority is normally sufficient for most decisions and if an insufficient number of owners attend the meeting to provide that majority a second vote may be held half an hour later that only requires a simple majority of those present.
The decisions reached must be written down in minutes and a summary of the decisions must be sent to each owner for it to have effect in law. If an owner has an objection to any decision they must formally protest within 30 days.