Tuesday, August 25, 2009

The syndic pt 3

We have all now received a copy of the minutes of the meeting of the syndic (the building management company) held in July and known as the 'procès-verbal'. Few surprises, but some points of interest for other co-owners:

1. Ownership of the building's common parts is divided among the co-owners in proportion to the size of their apartment, and comprises a total of 100,000 shares, sometimes called 'tantièmes'. The bigger your apartment, the more shares you own. Just over half (53,100) of the share owners were present or represented by proxy, against 46,900 absentees. So any subsequent voting was based on the views of just half the apartment owners.....

2. Routine matters were dealt with first, such as approval of last year's accounts and the provisions for 2009/10. The only point of interest was that the syndic management company asked for a three-tear renewal of their contract but it was voted to renew it for just one year. The reason cited was the fact that the local firm we use has recently been taken over and the co-owners wished to adopt a 'wait and see' approach before approving a three year contract.

3. It was also decided to go ahead with the internal painting of the building - corridors, entrance hall, stairways etc. Two estimates were considered, one at 62,000euros and another at 52,000 euros, including laying new carpeting in the corridors. The lower estimate was approved, from a local firm. There will be a special call for funds in October, divided among the owners in proportion to their shares. My personal share will be about 550 euros.

4. As reported below, the co-owners also voted to instruct lawyers in the matter of the restaurants on the ground floor of the building, but with a limit of 2,000 euros. There will be a special call for funds in January 2010.

5. Proposals to set up a provisional fund against the cost of future building and maintenance works was outvoted unanimously.

6. Among the informal issues discussed was a decision to reduce the number of estate agents' For Sale and To Let signs on the outside of the building, and a reminder that dogs should be kept on a leash while in the building.

Altogether a typical, rather uneventful AGM which nonetheless lasted nearly three hours!