Our Cyprus property expert team identified that there appears to be some confusion regarding committee meetings so we want to clarify the types of meetings which a committee can or should have.
1. COMMITTEE MEMBER MEETINGS.
These are meetings which only the committee members need to participate in. These should be made at least 3-4 times per year and the committee should use these meetings in order to discuss issues at the complex and make plans to take the appropriate remedial action. Owners do not need to attend but if there is a decision made regarding actions to be done at the complex, the committee should inform the owners.
2. ANNUAL GENERAL MEETINGS, known as AGM.
These meetings are held annually (within 14 months of the date of the last AGM) and all owners are to be invited to attend.
The meetings should be quorate (have 51% of owners in attendance either with PROXY or PHYSICAL ATTENDANCE – Legal requirement by the Cyprus laws).
At these meetings the standard topics are as follows:
- Election of committee
- Approval of minutes from previous AGM, and or any EGM
- Presentation and explanation of accounts
- ANY OTHER BUSINESS.
3. EXTRAORDINARY GENERAL MEETINGS
Extraordinary general meetings are convened when there is a time sensitive matter which needs dealing with and / or a matter which needs discussing between all owners that cannot wait until the AGM. Again in order for the EGM to take place the meeting must be quorate. EGM can be called if 25% of the owners require so.
Cyprus law requires Minutes from both AGMS / EGMS should be distributed to all owners in a timely manner.
If you need assistance in organizing your AGM / EGM or for any other matter relating to committees, please do not hesitate to contact G. Kouzalis LLC legal team, your property Experts on Committees.
G KOUZALIS LLC
Head Office: 169 1st April Avenue, Paralimni 5402, PO BOX 34328.
TEL: 00 357 238 11788; FAX: 00 357 238 11789
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TEL: 00 357 268 11787 FAX: 00 357 268 11786
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