Section 58
First annual general meeting of management corporation
The agenda for the first annual general meeting of a management corporation shall include the following matters:
(a)
to determine the number of members of the management committee and to elect the management committee where there are more than three proprietors;
(b)
to consider the budget prepared by the developer under subsection 57(4);
(c)
to decide whether to confirm or vary any amount determined as the Charges, or contribution to the sinking fund;
(d)
to determine the rate of interest payable by a proprietor in respect of late payment charges;
(e)
to consider the audited accounts of the management corporation specified in subparagraph 55(1)(b)(ii);
Act 757
(f)
to decide whether to confirm, vary or extend the insurances effected by the developer for the management corporation under this Act;
(g)
to make additional by-laws; and
(h)
to consider any matter connected with the maintenance and management of the common property of the subdivided buildings or lands.