What Is An Annual Meeting?

Florida law requires that every cooperative holds at least one membership meeting every year.(1) This is often referred to as the Annual Meeting, or the Members’ Meeting, and may be best known for the Election of the Board of Directors. It requires two specific notices on designated dates, to be mailed out or handed out with signatures of receipt.

The first order of business is to check in the designated voter of each unit or to have a roll call. Due to the size of our park, it was established years ago that all our residents must check in to record the presence of the designated voter of each unit. In the past, the voter received a stick to use to indicate his vote. And then the doors were locked.

It is necessary to establish a quorum before any business begins. A quorum is one half of the number of shareholders plus one.

If a resident can’t make the meeting, he can assign someone to vote for him by filling out a proxy and naming the individual. You received a proxy and a proxy envelope with your ballot in the last notice you received.

Last year at the annual meeting at Regency Cove, we had 124 shareholders or proxies represented, but we needed 201 to conduct a business meeting. There was, therefore, no business conducted last year.

It is customary for the president to run the meeting. This is, however, truly the meeting where the shareholders can run the meeting. The board of directors has no more power than any resident present at the Annual Meeting. (2)

A vote of the membership is required to make certain changes. Any amendment to the By-Laws must be done with a 2/3 vote of the membership. Other changes require half of the membership plus one. This year that constitutes 203 votes.

This year we have no business planned for the meeting that will require a vote from the membership. It is still a good idea to send in your proxy, because you never know what may come up. If you are not going to be present, please fill out your proxy and give it to your assigned representative to bring to the meeting, so that your vote will count. If you designate the Board secretary, mail or bring the proxy to the Office.

“A membership meeting provides the opportunity for the membership to make certain decisions that only they are allowed to make.” (3) These include amendments to our documents, considerations of material alterations or capital expenditures, or allocations to our reserves.

Any shareholder can bring up a topic of business for consideration by the membership. Voting is done just like at a board meeting, by raising a hand or your voting stick, or by voice. There is no secret voting allowed, everyone should know how their neighbor is voting.

At times some controversial issues may arise and cause considerable debate. A good chairman will keep the meeting organized and everyone on topic. This is your time to voice your suggestions and complaints. Make them matter.


Sources:

1. 719.106(1)(d)1, F.S.

2. Poliakoff, Gary and Poliakoff, Ryan, New Neighborhoods, The Consumer’s Guide to Condo, Co-op and HOA Living, Emerald Book Co. Austin TX, 2009, Pg 127

3. Ibid.

Additional source: Dunbar, Peter M., Resident Owned Communities Guide for Florida Cooperatives, Aras Publishing Co. Tallahassee, 1998