10/01/2024
What is a FSGM?
The First Statutory General Meeting (FSGM ) is a specific type of meeting held shortly after the initial registration of the strata plan. It is sometimes referred to as the the "first AGM." The purpose of this meeting is to address certain statutory requirements and to establish the foundation for the ongoing governance of the strata scheme.
The FSGM is a crucial meeting in the life of a strata scheme as it helps set the framework for the ongoing management and governance of the property. It ensures that necessary decisions are made, and essential structures are put in place to facilitate the smooth operation of the strata-titled development.
The FSGM covers many facets electing the strata council, insurance matters (potentially adjustments), appointment of the strata management company, handover of key documents, disclosures of scheme developer benefits, setting the expense budget, approved levy income and general matters for referral to the incoming Strata Council.
