What is the mandatory yearly gathering for condominium owners called?

The mandatory yearly gathering for condominium owners is referred to as the Annual General Meeting (AGM). This meeting is essential in the governance of a condominium as it provides a structured forum for owners to discuss important matters related to the management of the condominium corporation.

During the AGM, owners typically review financial statements, discuss budgets, elect board members, and address any significant issues affecting the community. The AGM allows owners to participate actively in decision-making processes and ensures that they are informed about the operations and financial health of the condominium. This meeting is crucial for transparency and accountability within the condominium community, as it gives owners the opportunity to voice their opinions and concerns.

Other gathering types, such as board meetings, typically involve only the board of directors and deal with specific operational issues, while community forums and owners' assemblies may not have the same legal obligations or formalities as the AGM. Thus, the AGM stands out as the legally required annual event for all condominium owners, emphasizing its significance in the condominium's governance structure.