AGM: What if budget is not approved?

[lkn]

What is the proper procedure if AGM does not approve the budget?

 

Rational thing would be to call for an EGM where committee submits a new budget based on the feedback received at the AGM, but I don’t see this situation described anywhere.

[OneMoreFarang]

Maybe everybody else knows all those abbreviations.

I would prefer when people use the real terms and not just AGM and EGM.

And not just in this thread.

Thanks

 

[Delight]

 It is the role of the JPM to submit the budget-not the committee.

The procedure which you describe i.e. hold an EGM is the only procedure available.

Clearly this can be held only after discussion with the 'nay sayers'.

Budgets typically through without objections.

Edited January 14, 2023 by Delight

[lkn]

On 1/14/2023 at 2:16 PM, Delight said:

 It is the role of the JPM to submit the budget-not the committee.

Re-reading the Thai Condo Act, I can’t actually find any requirement of approving a budget at all. It only talks about annual performance report and balance sheet.

 

But since it is the committee that is responsible for organizing the General Meeting, I sort of think they should be responsible for the proposed budget as well, after all, they are there to oversee management, and also, budget will include salaries, bonus payments, etc., which is something the co-owners (or their elected representatives, i.e. committee) should decide, not “management” (JPM).

 

But as said, it seems the Thai Condo Act actually has no mention of budgetting at all, which IMHO is quite an oversight.

Edited January 16, 2023 by lkn

[smutcakes]

There is no requirement to approve the budget in the General meeting, unless its specifically been written into your condo regulations which would be over and above the Condo Act and unusual.

 

Only financial approval required is approval of audited accounts from the previous year within 120 days of year end. (aside from CAM increases etc)

 

If you have had an AGM then the only mechanism if you needed approval would be call an EGM within 15 days if quorum was not reached. If quorum was reached and the budget was not approved i would suggest set up a meeting with the naysayers and try and run through it and allay their concerns and take their comments on board... or placate them by letting them set up some kind of Sum Committee to assist the Committee.. Anything to shut them up.