What is “quorum” and why is it important?
For any board, committee or meeting, a quorum is the minimum attendance needed to transact business. Quorum for the Frobisher Place Board is 4 Directors. If at least 4 Directors are present at a legally called Board meeting, they may conduct business.
A quorum at an owners meeting, including an Annual General Meeting, is defined by the current Condo Act, Article 50 as 25% of owners. That means 52 owners in our case because there are 206 units at Frobisher Place, not counting the guest suite and corporation-renting units. Owners may be present in person or represented by a proxy (a person who acts in place of an absent owner). More about proxies in a later DYK. An owners meeting cannot proceed without quorum.
Our current By-law #3, Article IV 6, however, says quorum is one third of our owners. That means 69 at Frobisher Place but a newer version of the Act seems to rely on the 25% requirement. Confused? Assume 25% or 52 owners make a quorum at Frobisher Place.
Attendance at the last three AGMs:
In 2014, 65 owners
In 2015, 81 owners
In 2016, 63 owners