What is the mandatory meeting that happens annually for owners and the board called?

The mandatory meeting that occurs annually for owners and the board is known as the Annual General Meeting (AGM). This meeting serves several critical functions in condominium governance. It provides a platform for owners to receive updates from the board regarding the management of the condominium, including financial statements, operational reports, and plans for the upcoming year. Moreover, during the AGM, owners typically have the opportunity to ask questions, discuss issues, and vote on important matters such as board member elections and budget approvals.

The AGM is typically required by condominium bylaws and is a crucial part of ensuring transparency and communication between the board and the owners. It establishes an opportunity for owners to actively participate in the decision-making process and fosters a sense of community among residents.

In contrast, other types of meetings—like board meetings, special meetings, and budget review meetings—serve different purposes and may not involve all owners or be held with the same regularity as the AGM. For instance, board meetings often focus on specific operational issues without necessarily involving all owners, while special meetings are usually convened to address urgent matters that arise outside the normal schedule. Budget review meetings may happen at various times to discuss fiscal planning but are not mandated on an annual basis like the AGM. Thus, the