We live in uncertain times, there’s no doubt, but how do we carry on and maintain standards when managing a condo corporation? Gatherings such as annual general meetings (AGMs) are important to these organizations for several reasons:
With that said, how are you supposed to hold an annual general meeting during a pandemic? And, with emergency measures in the Condo Act ending as of this past summer, how do we approach these meetings moving forward? With the help of modern technologies and new communications solutions, you have options to ensure your AGMs are held successfully. Let’s explore the topic in more detail.
Before we dive in, let’s highlight the fundamentals. AGMs normally must be held within six months of the end of the fiscal year. COVID-19 threw a wrench in this standard and the government allowed condo corporations to postpone the AGM and hold the meeting sometime within 90 days (120 days in certain situations) after the Condo Act’s emergency measures are lifted. The emergency measures ceased as of July 24, 2020. Therefore, if your original AGM deadline was between March 17 and July 24, 2020, you need to hold the meeting by October 22, 2020. If the original deadline was between July 25 and August 24, 2020, then the AGM must be held by November 21, 2020. There are no deferrals for deadlines after August 24, 2020—the original deadline stands.
The good news is that the Provincial Government extended the transitional period allowing virtual meetings to be held until May 31, 2021. Of course, that’s not to say that virtual meetings are coming to an end after that date; safety is paramount right now, and we may be stuck in the middle of a pandemic for some time. To keep condo owners safe, you can continue to hold AGMs digitally after this date if you adopt the required bylaws. Otherwise, by law, you will have no choice other than to hold AGMs in-person, which may put people at unnecessary risk during these difficult times.
If you do intend to return to in-person meetings and have all safety precautions in place, then you need to follow gathering limits imposed by your municipality. Be sure to check with appropriate online resources provided by the city or town in which your AGMs are held to determine the permitted capacity.
As for holding valid and effective virtual meetings, there are plenty of tools and companies available to help you accomplish this. Some of these include:
Your annual general meetings must meet established record-keeping and provincial guidelines, be productive and effective, leave no owner behind, and remain transparent. These tools offer a convenient, hassle-free means of making all the above and more possible.So, what does this all mean in a general sense? Well, you can either return to in-person AGMs or remain virtual indefinitely, so long as you respect the deadlines we’ve outlined and pass the necessary bylaws. For further information or assistance in planning your next AGM, our team at Medallion Capital Group is happy to help. Contact us today!