Managing agent When a body corporate enlists the services of a managing agent, both parties should ensure that the management agreement between the managing agent and the body corporate complies with the requirements as set out in the STSMA Regulations, i.e., the agreement may not endure longer than three years. The managing agent can attend all meetings and provide advice but may...
The act of voting at body corporate meetings is what legitimises the implementation of the decisions taken. While it is the trustees’ responsibility to ensure that all votes are counted and recorded correctly, this function is generally delegated to the managing agent. The responsibility of keeping track of all the votes has dramatically increased with the changes in voting procedures at...
Owners in a sectional title scheme who own more than one unit next to, or above, each other can opt to have their sections consolidated into one. While this is not a complicated process, it does need to comply with a few regulations of the Sectional Title Act. Why consolidate two sections? The consolidation of sections is normally determined by two factors...
Managing the finances of a body corporate requires careful attention, both to the budgeting process and the implementation of maintenance projects within the framework of the approved budget. Budget control is key One of the most important fiduciary responsibilities of trustees is to manage the budget effectively. Without careful budget planning and control, the scheme may not have sufficient funds for planned...
When owners are unable to attend a general meeting, they can appoint a proxy to attend and vote on their behalf. Previous legislation did not set out any clear requirements for appointing a proxy at a general meeting and the number of proxies a person could represent was limitless, leading to owners taking advantage of this loophole and not attending...