General meeting requirements for most community interest property require at least one meeting of the members each year. Annual meetings are important because that is the time when most associations hold elections for board members, approve annual budgets, and address other issues relevant to the entire community.
Scheduling annual meetings can be challenging. It is impossible to choose a date that works with everyone’s schedules. For that matter, scheduling board meetings can be just as frustrating because of individual schedules.
BuildingBoard has a better way to hold association meetings in Oklahoma.
BuildingBoard is a remote meeting platform that gives your members and directors the ability to attend meetings from a different location.
Our system is easy to use and does not require your members to install apps or software on their computers. Instead, members can use their tablets, smartphones, and computers to access the live meeting and vote electronically with the rest of the membership.
Missing quorums can cause a variety of problems for your association. In addition to rescheduling the annual meeting or board meeting, you cannot transact business. If a matter is urgent, it could lead to a special meeting or court-ordered meeting. Even though you reschedule the meeting, you cannot guarantee that you will reach a quorum at the next meeting.
Allowing members to attend annual meetings remotely can encourage greater participation. Members do not need to worry about rearranging their schedules to attend a meeting. Instead, they can attend from any location and participate in the meeting by asking questions, making comments, and voting.
The annual meeting is held to conduct business that impacts the entire community. However, these meetings may also provide owners and shareholders the opportunity to voice concerns or issues.
The Oklahoma Real Estate Development Act (REDA) governs most owners associations, including co-ops, HOAs, and condominiums, established after June 5, 1975 (Okla. Stat. Title 60 §§851 through 858).
Membership in the owners association consists of record owners of lots in the real estate development. Real estate development includes separately owned areas and areas owned in common by the owners of the separately owned areas.
The ownership and enjoyment of the common property may be through ownership of shares of stock, membership in an owners association, or otherwise. The property is governed by the covenants and restrictions for the real estate development.
The statutes do not specifically discuss quorums, voting, proxies, and annual meetings. However, the governing documents for the association would include those details.
The Unit Ownership Estate Act (Okla. Stat. Title 60 §§60-501 through 530) governs condominium associations. Unit owners hold title to their specific units and own common elements jointly with other unit owners.
Section 60-519 states that the administration of the property shall be governed by its bylaws. The bylaws must include details regarding meetings of unit members and quorums. Otherwise, the statutes do not mention proxies, voting rights, and other matters related to annual meetings. Generally, the bylaws would contain that information.
Most owners’ associations are organized as nonprofit corporations. Thus, they would be subject to the provisions of the Oklahoma General Corporation Act (Okla. Stat. Title 18 §1001 through 1144).
According to §1056, meetings of the shareholders are held at such place as designed in the bylaws or the certificate of incorporation or as determined by the board of directors if not designated in the bylaws or articles. Unless directors are elected by written consent instead of an annual meeting, an annual meeting of shareholders is held to elect directors and transact other business.
The association bylaws or articles should state the percentage of votes that equal a quorum. In the absence of such information, a quorum for a meeting of members is equal to 1/3 of the total members. Unless the articles or the bylaws prohibit proxy voting, members may cast votes at annual meetings by proxy.
Written ballots may be submitted by electronic means, if authorized by the governing body. However, sufficient information must be submitted with the ballot to determine that a member or proxy holder authorized the electronic transmission.
The General Corporation Act in §18-1056 permits the board of directors to hold a meeting of shareholders solely by means of remote communication. The bylaws or the certificate of incorporation must authorize the board to hold meetings of shareholders remotely.
Members not physically present at the meeting of shareholders may participate remotely in the meeting, be deemed present in person, and vote. However, the association must ensure compliance with the statutory requirements for remote meetings and any procedures set forth by the bylaws, articles, or policies adopted by the board.
BuildingBoard is easy to use, convenient, and avoids problems reaching quorums. Schedule your meeting, invite members via email, and conduct the vote on the day of the meeting. Your members vote via their smartphone or computer.
Are you ready to simply your annual meetings? Contact BuildingBoard to learn more about our services and to schedule a demo.
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