Search Results for: reserve Fund Study

Condominium corporations cannot use their reserve funds to make capital improvements, except under certain circumstances.  For example, if a special resolution allows for it. Or there are health, building/maintenance and occupancy standards to follow under the law. In such situations, there must also be sufficient funds remaining in the reserve fund.

Reserve funds must be in separate accounts, and cannot mix with the corporation’s operating funds. Money from a corporation’s reserve fund also cannot mix with any other corporation’s reserve fund or with any other money.

Money collected for the reserve fund cannot be returned to owners. Any surplus collected stays in the reserve fund. For example, a condominium corporation repairs the roof but it takes less money from the reserve funds than anticipated. In such a situation, the corporation cannot return the surplus funds to the owners. When a condo corporation terminates (ends), different rules about the return of reserve funds may apply. You should always seek legal advice when dealing with this type of situation.

A reserve fund study is a physical inspection of the condominium’s depreciating property (for example, roof, heating system, entrance doors, etc.) done every 5 years.

A reserve fund report is a written document outlining all of the findings from the reserve fund study.

When a condominium plan is first registered, the condominium corporation has 2 years following the registration to complete a reserve fund study and report.

When conducting a reserve fund study, the reserve fund study provider must:

• Determine the current amount of funds in the corporation’s reserve fund.
• Conduct an on-site visual inspection of depreciating property
• Interview board members, managers for the corporation, employees or any other person
• Review relevant documents such as the condominium plan, construction documents and maintenance records

Tip for condo boards: It is a good idea for boards to keep a schedule of when they will need to do a reserve fund study and plan well in advance to find a suitable reserve fund study provider to complete the study.

Condo corporations must hire a reserve fund study provider to complete the study. A reserve fund study provider is someone who is permitted to act as a reserve fund provider under the Condominium Property Regulation. They must be knowledgeable about depreciating (declining) property, including its operation, maintenance, and the costs of replacing or repairing it. For example, only the following people are qualified as a reserve fund study provider under the Condominium Property Regulation:

• A professional engineer
• A professional technologist
• A certified technologist under the ASET Regulation who holds a certificate of registration as a certified engineering technologist or applied science technologist
• A registered engineering technologist under the ASET Regulation
• A registered architect
• A person who is a member of the Appraisal Institute of Canada and has an Accredited Appraiser Canadian Institute designation
• A person who is a member of the Canadian National Association of Real Estate Appraisers and has a Designated Reserve Planner or Designated Appraiser Commercial designation
• A person who is a member of the Canadian Institute of Quantity Surveyors and has a Professional Quantity Surveyor designation
• A person who has a certificate from the Reserve Fund Planning Program at the University of British Columbia
• An individual who has successfully completed training or who has qualifications recognized by the Director (under the Condominium Property Act)

A qualified reserve fund study provider can have staff working on the reserve fund study – even if the staff do not meet the qualification under the Regulation.

Tip for condo boards: Do your due diligence and research before retaining a reserve fund study provider or entering into a contract with them. For example, experts recommend that boards do reference checks. You can also ask for samples of reserve fund plans the provider has recently completed.

Certain individuals are not allowed to act as a reserve fund study provider, for example:

• A director, officer or employee of the corporation
• A manager under a management agreement with the corporation
• A partner, employer or employee of a director, officer, employee or manager with the corporation
• A spouse or common-law partner of a director or officer of the corporation
• A child of a director or officer of the corporation
• A child of the spouse or common-law partner of a director or officer of the corporation
• An owner of a unit
• An occupant of a unit

Contracts for a reserve fund study entered into before January 1, 2020 (the date that the new reserve fund study provider qualifications come into force) are still valid.

If a condominium has 12 units or less, the condo corporation can carry out the study itself. A special resolution must allow the corporation to conduct the study. However, experts highly recommend that, whenever possible, a reserve fund study provider should conduct the study and prepare the report.

Under the Condominium Property Regulation, a corporation is exempt from retaining a reserve fund study provider to prepare a reserve fund study and from establishing or maintaining a reserve fund if:

• The certificate of title to each unit is registered in the name of:
  • the same owner or
  • the same group of owners and
• The units are rented or offered for rent to persons as tenants who are not purchasers/not intended to be purchasers.

The reserve fund report outlines the findings of the reserve fund study. The following information must include:

• The qualifications of whoever did the reserve fund study and prepared the report
• A signed statement that the person completing the reserve fund study is a reserve fund study provider and is not disqualified under the Condominium Property Regulation
• Findings of the reserve fund study relating to the following matters:
  • An inventory of all depreciating property that may need repair or replacement within the next 30 years (or a time period longer than 30 years). For example:
    • roof
    • siding
    • heating and cooling systems
    • plumbing and
    • electrical systems
  • For each piece of listed depreciating property:
    • a description of its current condition
    • an estimate of when it will need repair or replacement
    • an estimate of the cost of repairs or replacement
    • the estimated life expectancy after repair or replacement
  • The amount currently in the reserve fund
  • On site visual inspection of visible components of the depreciating property
  • Interviews with board members
  • Interviews with board members, managers for the corporation, employees or any other person
  • Review of relevant documents such as the condominium plan, converted property study or building assessment report (if applicable), construction documents and maintenance records)
  • A recommendation for how much should be added to the reserve fund to meet future costs of repairing and replacing the corporation’s real/personal property, common property and managed property
  • How the current amount in the reserve fund and recommended amount to add to the reserve fund is determined
  • Any other relevant matters (for example, determining the potential damage to an item if it is not repaired or replaced)

After receiving the reserve fund report, a condominium board must approve a reserve fund plan describing how much money is needed to top up and maintain the reserve fund based on the report. The plan will also set out how the condominium board plans to raise any extra funds  to meet the report’s recommendations. For example, through a special levy and/or increased condominium contributions.

If you’re a unit owner, you must be given a copy of the reserve fund plan before the board can begin collecting any extra money to top up the reserve fund.

For resale units, potential purchasers should make a written request for a copy of the reserve fund report and plan from the condominium corporation before you buy.

Look for the following information in the report and plan:

• Who conducted the reserve fund study and prepared the reserve fund report? You may want to do some research to assess the qualifications of the provider.
• How much is currently in the reserve fund?
• What needs repair or replacement over the next 30 years or a time period longer than 30 years?
• Is there enough money in the reserve fund to cover the repair and replacement of the corporation’s real/personal property, common property and managed property?
• Will the condominium have to collect more money from owners?
• If there is a shortfall, how does the condominium board plan to make it up? Special levies? Increased condominium contributions (fees)?

Tips for buyers:

• When reviewing the reserve fund report and plan, you want to see a healthy reserve fund that will enable the corporation to adequately cover repair and replacement costs. The reserve fund plan should reflect the recommendations made in the report and include a realistic plan to cover long-term costs.
• You should also review other related documents such as meeting minutes, annual reports, and financial statements to see if and how the corporation has dealt with any prior reserve fund issues.  For example, do the documents reveal that the corporation has a history of imposing special levies to deal with reserve fund shortfalls?
• You should have a lawyer, real estate professional, and/or document review service review the reserve fund report and plan.

A conversion condominium development usually consists of units and common areas in an existing structure. The structure may have been used as rental accommodation or commercial leased space with some degree of renovation as part of the conversion process.

With conversion condominiums, the developer must complete a reserve fund study, report, and plan before offering units for sale. The developer must give you a copy of the reserve fund report and plan.

Review the reserve fund report. Consider what work is already complete by the developer, as well as future work. The report also explains what needs repairs or replacement over the next 30 years (or a time period longer than 30 years) and how much it will cost.

Since conversions often involve older and/or non-residential buildings, the future costs of repairs and replacements of the corporation’s real/personal property, common property and managed property could happen sooner and cost more than a new development. There is no requirement for a developer to put money into the reserve fund. Consequently, owners may pay higher contributions (fees) or special levies so that the reserve fund has enough money to cover future repairs.

You should have a lawyer, real estate professional, and/or document review service review the reserve fund report and plan.

When purchasing a unit in a new development, there likely will not be any reserve fund information available for you to review. A condominium corporation has 2 years from the registration date of the condominium plan to complete a reserve fund study, report, and plan.

For a complete overview of what you need to know about condo finances before you buy, download our free publication: Before You Buy: Understanding Condo Finances.

The condo corporation has a general duty under the Condominium Property Act (CPA) to repair and maintain its real, personal, common and managed property. Common property is anything in a condominium complex not within the boundaries of a condominium unit. Common property is  jointly owned by all owners. Managed property is any unit or part of a unit that a corporation must maintain, repair or replace under the bylaws.

As part of its general duty to repair and maintain, the condo corporation must also follow repair notices or orders made by municipal or public authorities.

Tips for condo boards:

• Check the bylaws for additional duties of the corporation to maintain and repair property.
• Unless the bylaws say otherwise, the condo corporation is generally not responsible for repairs within condominium units. Owners are responsible for repairing and maintaining anything within their condominium unit such as the fridge or dishwasher.
• Experts recommend having a list of competent, reputable contractors or supplier network at hand to help facilitate condo repairs.
• If there is an issue over the responsibility for repairs or with contractors, a board should consult with a lawyer for advice.

The condo corporation has an ongoing duty for future maintenance and replacement of depreciating property through a reserve fund. Under the CPA, a condo corporation must create and maintain a reserve fund. The fund must have enough money to cover major repairs and replacement of things like:

• the roof
• central heating
• electrical system
• doors and
• exterior siding

As part of the condo corporation’s duty to create and maintain a reserve fund, it must retain a reserve fund study provider to carry out a study of the property. The provider will then produce a reserve fund report with recommendations to the board. The condo corporation must then create a reserve fund plan based on the report. The report can determine the amounts needed through condominium contributions, special levies, or other method to finance and maintain the reserve fund.

The reserve fund plan should reflect the recommendations in the reserve fund report. Otherwise, there can be potential problems including:

• Large increases in condominium contributions or major special levies
• Financial stress to unit owners and
• Loss of value in units, which may make the units difficult to sell.

Condominium corporations must make repairs to a unit (including fixtures and finishing) that are within their responsibility to insure.

Condominium corporations must repair a unit according to its standard insurable unit description except in certain circumstances, for example:

•  the owner has insured improvements or is willing to pay for improvements to the unit as an out-of-pocket expense
• the owner is willing to pay the costs of repairing:
  • absent
  • destroyed or
  • partially damaged property (where at least one of the items is described as fixtures and finishing)
• the fixtures and finishing in the unit were installed below the standard insurable unit description

Condominium corporations can make unit owners responsible for repairs, or arranging for and supervising unit repairs under the bylaws.

In certain situations, a condominium corporation can make repairs to a unit and then bill the owner for them. For example, a condominium corporation can make, arrange for and supervise repairs when:

• the owner fails to make repairs, putting public safety, the common property, other units, occupants, personal property in common property or other units at risk
• the unit owner or owner’s agent has not started repairs within a reasonable amount of time and
• the corporation has provided reasonable notice to the owner

In such a situation, the owner is liable for paying the corporation for the prudent costs of the corporation’s actions in making, arranging for and supervising repairs.

Corporations can recover an insurance deductible up to $50,000 from an owner if damage originated in the owner’s unit. To learn more about insurance and deductibles, go to the Insurance section of this website.

Condominium corporations set condo contributions (fees) to help pay for repairs and maintenance. These contributions go towards the corporation’s operating account (which covers the control, management and administrative expenses for the corporation’s real and personal property, as well as common property and managed property) and to the reserve fund. Contributions are calculated based on unit factors unless the Condominium Property Regulation or bylaws say otherwise.

The board also has the power to levy a special levy in certain situations. For example, when the operating account cannot cover unexpected shortfalls. Or to increase the reserve fund balance to meet reserve fund plan requirements. Each owner’s payment of a special levy is calculated based on their unit factor unless the Condominium Property Regulation or bylaws say otherwise.

The cost of some repairs may be covered by the condo corporation’s insurance policy. Condominium corporations should check their insurance policy carefully to see whether their coverage extends to repairs (if any).

If a condominium corporation’s bylaws allow for it, condominium boards can levy chargebacks against owners. Chargebacks are costs that a condo board can levy against an owner when the owner, someone living in their unit (an occupant), or someone they are responsible for, causes the condo corporation to incur costs.

If the corporation has to fix, replace, maintain, or protect any unit, the corporation’s real or personal property or common property because of that person’s actions—or because they failed to act (an omission)—the condominium board can charge the owner back for those costs. The amount of the chargeback may include the actual costs and any reasonable related service costs the corporation incurs to do this work.

The amount levied must be the lesser of:

• the amount of the actual costs and reasonable related service costs and
• the deductible limit of the corporation’s insurance policy

Chargeback Notice
Before levying a chargeback, a condominium board must serve notice of the proposed chargeback on the owner. They must do so within 90 days after they become aware, or should have become aware, of an act or omission, that lead to the corporation incurring costs. The notice must have the following information:

• owner’s name and unit number
• date of and description of the act or omission
• estimated amount of the chargeback
• deadline for the owner to respond in writing. This deadline must be 10 days or more, excluding holidays, after service of the notification.

After the board gets a written response or when the deadline for the written response has expired (whichever is earliest), the board may decide to levy a chargeback on the owner by resolution. Or, they may decide not to levy a chargeback.

Disputing a chargeback
Owners can dispute a chargeback levied against them by making an appeal to court (the Court of King’s Bench). They must make the appeal within 30 days of the service of the chargeback statement.

Real estate professionals can help you buy or sell your condominium unit. Some professionals may have a practice that specializes in buying and selling condominiums (as opposed to other kinds of properties).  Interview a few different real estate professionals before hiring one. Consult the Canada Mortgage and Housing Corporation’s Questions to Ask a Real Estate Agent before your interviews.

In Alberta, real estate professionals can work for the seller, the buyer or both. It is important to understand what kind of relationship you will have with your real estate professional. For more information about the different kinds of relationships that exist in Alberta, visit the Real Estate Council of Alberta (RECA).

Real estate professionals can help you find a property that suits your needs and budget. They can also help you with filling out standard form agreements. However, real estate professionals cannot provide any services that require discretion or judgment, cannot give confidential advice, and cannot advocate on your behalf. All real estate professionals must enter into a written service agreement with you outlining the services they will be providing, their responsibilities, and their fees.

Licensing Requirements

All real estate professionals in Alberta must be licensed by the RECA. You can check a real estate professional’s licence status by searching RECA’s licensing database.

If you are buying a condominium, you should hire a lawyer as early as possible to assist you in the purchase process. Interview a few different lawyers before hiring one. Ask questions about their experience, areas of practice, and costs (for sample questions, see Canada Mortgage and Housing Corporation’s Questions to Ask a Lawyer). Ensure that the lawyer you hire practices real estate law and ideally, has expertise in condominium law. A knowledgeable, experienced real estate lawyer will be able to answer all of your questions about buying and owning a condominium.

Lawyers can help you with the following tasks:

• Collecting and reviewing documents (i.e. bylaws, estoppel certificate, etc.)
• Reviewing and explaining purchase agreement or contract
• Reviewing the certificate of title and identifying any issues (i.e. caveats, easements, etc.)
• Reviewing and explaining the mortgage agreement
• Transferring ownership from the seller to buyer

Licensing Requirements

All practicing lawyers in Alberta must have an active membership with the Law Society of Alberta. You can check a lawyer’s membership status by searching the Law Society of Alberta’s lawyer directory.

Document review companies will conduct an objective review of the condominium documents you receive before you buy. A document reviewer will explain what the documents mean and highlight any potential issues you should be aware of before you buy. Document review companies can be used in addition to lawyers but their services are not intended to be a substitute for legal advice and review of documents.

Licensing Requirements

In Alberta, there is no official licensing process for document reviewers. It is important to ask lots of questions before you hire a document reviewer or company. Ask about their background, experience and education. Don’t be afraid to ask them to provide customer references. You can also check your local Better Business Bureau to see if the company has had any complaints filed against it.

Home inspectors can be hired to assess the physical condition of the condominium and identify any issues you should be aware of before you buy. Generally, since the reserve fund report addresses issues with common property, a condominium home inspection is limited to the unit itself. It is important to know what is part of the condominium unit and what is common property so that the home inspector conducts a complete inspection.

For more information, read Service Alberta’s booklet Hiring a Home Inspector.

Licensing Requirements

In Alberta, home inspectors must have a licence from the Government of Alberta. You can check to see if a home inspector or home inspection business is licensed by searching Service Alberta’s database or calling 1-877-427-4088.

An estoppel certificate is a statement indicating whether condominium contributions (fees) have been paid.

The following people can make a written request for an estoppel certificate:

• Owner
• Purchaser
• Mortgagee
• Lawyer of the owner, purchaser or mortgagee
• A person authorized by the owner, purchaser or mortgagee

Requests for an estoppel certificate should be made to the management company or to the condo board if the condo is self-managed.

When receiving a written request, the corporation must respond within 10 days by providing a certificate with the following information:

• The amount of the condominium contribution
• The payment schedule
• Any unpaid contributions
• The interest owing on any unpaid contributions

Under the Condominium Property Regulation, there are documents and information that a condominium corporation must provide upon request (by certain people). For example:

• An information statement (“consolidated information statement”) with:
  • Details on any:
    • Lawsuits involving the corporation
    • Judgments or orders that the corporation is liable for
    • Written demand on the corporation greater than $5,000 that may result in a lawsuit
  • A statement outlining or setting out:
    • capital replacement reserve fund amount
    • contributions and how they are determined
    • structural deficiencies known to the corporation at the time of the request
  • Loan disclosure statements for current loans
• Statement about any plan of survey filed or registered on the parcel
• A statement outlining unit factors and how their allocations are determined
• Details or a copy of any existing or prior agreements (management and recreational)
• Details on post tensioned cables
• A copy of the corporation’s budget and annual financial statements
• A copy of the corporation’s bylaws
• For a particular fiscal year, a copy of:
  • All approved general meeting minutes. If unavailable, then draft minutes of general meetings that took place at least 30 days before the request date
  • Approved board meeting minutes
• A copy of any lease or exclusive use agreement on common or real property  (for example, parking stall or storage unit)
• A consolidation of all rules made by the corporation under section 32.1 of the Condominium Property Act
• A list of board member names and addresses for service
• The text of ordinary and special resolutions voted on by the corporation, plus voting results (other than show of hands vote results)
• Copies of professional reports. This does not include reports subject to legal privilege (confidential, client-lawyer information).
• Copies of insurance certificates and insurance policies
• The current standard insurable unit description
• Copies of reserve fund plans, reserve fund reports and annual reports

The following people can make a written request for certain documents and information held by the corporation:

• Owner
• Purchaser
• Mortgagee
• Lawyer of the owner, purchaser or mortgagee
• A person authorized by the owner, purchaser or mortgagee

Upon receiving the request, the corporation has 10 days to provide the documents or information to the requestor. Requests for condominium documents should be made to the management company or to the condo board if the condo is self-managed. The condominium corporation can provide the documents and information in electronic form unless the requestor specifies that they be provided in paper form.

Tip for condo boards: when dealing with requests for information, it is a good idea for the condominium corporation to record details of the request such as the date of the request, the information/documents provided, and the name of the person the information was given to. As well, it is a good idea to verify the identity of any third parties (such as lenders or buyers) making the request.

Tip for condo owners: You may make copies of documents provided under section 44 of the Condominium Property Act and give them to others.

A record inspection is when a mortgagee makes a written request to the condo corporation to inspect:

• Records relating to the corporation’s management or administration
• Minutes of board meetings
• Minutes of owners’ meetings

The mortgagee has the right to inspect the records within 10 days of making the request.

Fees may apply to document requests. The Condominium Property Regulation specifies how much a corporation can charge for fees. There is a maximum fee that condominium corporations can charge for certain documents, for example:

• Estoppel certificates: $200.
• Consolidated information statement: $100
• Any other documents:
  • If the document provided is in hard copy format and is more than 40 pages in length: $0.25 per page
  • If the document provided is in a format other than hard copy or is not more than 40 pages in length: $10

However, the condominium corporation cannot charge owners for information or documents that it must provide (without request) under the Condominium Property Act or Condominium Property Regulation (e.g., financial statements for the AGM). It also cannot charge for information or documents that have not been requested by the person making the request.

 Third party providers can charge fees to deliver documents on behalf of corporations, as long as they meet certain conditions under the regulation. See section 20.53(4) of the Condominium Property Regulation for more information.

A “rush fee” may apply to certain documents requested on a rush basis. For example, if a person requests the following documents  and the corporation produces the document within 3 days of the request (excluding holidays), then the corporation may (if the bylaws allow for it) charge the following fees in addition to the applicable document fees:

• Estoppel certificate: up to $100 rush fee
• Consolidated information statement: up to $50 rush fee
• Any other information or document: up to $20 rush fee

Within 30 days of registering a condominium plan, a developer must appoint an interim board. The Land Titles Office files the names and addresses of interim board members. An interim board holds office until the election of the first board. Interim board members must follow standards of conduct in running the condominium corporation, including:

• Act honestly and in good faith with the best interests of the corporation
• Exercise care, diligence and skill that a reasonable person in similar circumstances would do
• Avoid conflict of interest
• Make reasonable efforts to pursue remedies or claims under warranties or insurance policies in connection with the corporation’s property

A developer or interim board arranging a reserve fund study before a first board is elected must use an independent reserve fund study provider (a provider who is at “arm’s length”).

The developer has 90 days from the issuance date of the certificates of title to units (representing 25% of unit factors –so, once 25% of the units are sold) to hold a meeting of the owners to to elect an owner to the interim board. Owners can hold the meeting if the developer does not do so within this time period.

The elected interim board member does not have the power to vote on anything before the interim board. If the elected interim board member stops being on the interim board, then the developer has 30 days to convene another meeting of the owners to elect a new interim board member.

When registering a condominium plan, the developer has 90 days from the issuance date of the certificates of title to units (representing 50% of unit factors –so, once 50% of the units are sold) to hold a meeting to elect the first board. This meeting is also known as a “turnover meeting”). An owner can hold the meeting if the developer does not do so within this time period.

At the meeting to elect first board, there are a number of documents that the developer and interim board must provide at no charge to the corporation such as:

• Warranties and guarantees on the corporation’s property
• Structural and electrical working drawings and specifications
• Agreements to which the corporation is a party
• Certificates, approvals and permits
• Building assessment report or converted property study (for conversions)
• Any reserve fund report
• Any technical analysis of the units, real and personal property of the corporation or common property (where a converted property study is not required)
• Resolutions
• Minutes
• Other interim board records and documents

Once the first board is elected, the developer or interim board must also provide additional information and documents to the elected board such as:

• Copies of documents or orders as required under other legislation (e.g., Safety Codes Act, New Home Buyer Protection Act)
• Copies of technical documents regarding the condo corporation’s property (e.g., manuals, records of service/repair)
• Copy of the condo plan and redivision plan
• List of interim board members
• Information on owners, mortgagees and tenants
• Copy of any rules made by the board
• Copy of an unsatisfied court judgment or proceedings where the corporation is a party
• Copy of legal or other professional advice
• Copies of any proposed budget, financial statements or tax records
• Copies of records relating to the corporation’s financial institution account holding its funds (e.g., reserve fund and operating funds)
• Copies of legal instruments relating to the corporation’s property (e.g., exclusive possession lease, restrictive covenants, caveats registered against units)
• Copy of the corporation’s insurance policies and certificates
• Copy of any standard insurable unit description (if the first board is elected on or after January 1, 2020)
• A converted property study or building assessment report (for conversion units)

  See section 16.1(1) of the Condominium Property Act and section 20.2(1) of the Condominium Property Regulation for a detailed list of information and documents that a developer or interim board must provide at a meeting to elect first board and to the first elected board.

• Act honestly and in good faith.
• Exercise care, diligence and skill that a reasonable person would exercise in similar circumstances.
• Avoid conflict of interest by disclosing any conflict of interest to the board and not voting on any such matters.
• Abide by the law, including theCPA, regulations and the bylaws.
• Act fairly and consider the interests of others.

• Perform the powers and duties of the condominium corporation subject to the CPA and any bylaw restrictions.
• Enforce the condominium’s bylaws, and review and update the bylaws, as needed, by special resolution.

• Set and collect owners’ condominium contributions (fees).
• Prepare financial documents such as an annual budget, financial statements, and annual report and provide copies to all owners within the appropriate timeframe.
• Administer the reserve fund, complete a reserve fund study, report and reserve fund plan.
• Determine if a special assessment will be imposed on condominium owners.

• Manage and maintain the condominium’s real, personal, common and managed property, including hiring and supervising a property management company, if applicable.
• Keep the condominium’s property in good and serviceable repair.
• Comply with notices or orders by any municipal or public authority requiring repairs to the property.

• Have property insurance and liability insurance for the condo corporation and board members.
• Respond to written requests for documentation from owners, purchasers, or mortgagees, as per the Condominium Property Act (CPA).

• Follow the general procedure for holding meetings, as well as more specific procedures on board elections, voting and resolutions.
• Hold an annual general meeting (AGM) every year and within 15 months of the previous AGM.
• Hold special general meetings if necessary.