En-Bloc Meeting Is Condo's Third In Five Months

Source : The Electric New Paper, 12 March 2008

THE action began last year, when the first extraordinary general meeting was called to push for an en-bloc sale.

It was held on 29 Sep.

A sales committee was nominated, but its validity was challenged.

The committee subsequently chose to dissolve.

A second meeting was called on 12 Jan this year.

But it could not carry on as a quorum in share value could not be reached.

Four days after the cancellation, a request for a third meeting was submitted to the management committee.

To call for a meeting, the organisers must get roughly 200 signatures. That is 20 per cent of the share value.

And they did.

A letter to The Straits Times Forum page on 21 Feb by Madam Mona Liew indicated that the first two meetings each cost the estate's sinking fund about $15,000.

She expressed her concern that so many meetings, at a cost to the sinking fund, could be called within a short span of five months.

She asked for some regulation to restrict the frequency of such meetings, saying: 'Please set a reasonable guideline for the frequency with which these meetings can be called.'