The Multi-Unit Developments Act 2011 was enacted on 24th January 2011 which imposes new obligations on Developers and Owner Management Companies. As business advisors and particularly Auditors, you are in a position to advise these entities on their new requirements under the Act. Auditors will be signing off accounts for these entities over the next few months and will have to confirm that the entities have complied with the Act.
 
The main deadline imposed by the Act is the requirement for existing developers to transfer the common areas to the Owner Management Company by 1st October 2011. Failure to comply the developers will be in breach of the Act.

The Owner Management Company should also be ready for the new deadline by reviewing the Memorandum and Articles of Association and make the necessary amendments as providing for in the Act. These amendments include:-

• Redefining the Objects Clause &definitions as per the Act
• Providing for the use of Proxy Votes
•  Automatic Membership of OMC
• The Merging of Beneficial & Legal Interests
• The new Voting Rights
• Rules regarding Directors Appointments
• Approving the Annual Reports
• Providing for the Annual Service Charge
•  Approving House Rules

If the Memorandum and Articles must be amended to provide for the changes it must be approved by special resolution at an EGM of the members.

OmniPro can assist Owner Management Companies by providing them with a tailored Memorandum and Articles of Association to comply with the new provisions of the Act and draft the necessary resolutions to approve the changes. Please contact Amy Brennan or Conor Sweeney at 059 9183888 or abrennan@omnipro.ie  or csweeney@omnipro.ie

The provisions of the Multi-Unit Developments Act will be discussed in detail by Conor Sweeney at the Company Secretarial Evening Briefing
 

CPD Allocation - 3 Hours

Fee - €100 (or 3 OmniPro CPD Club Points)

Time  - 18:00 - 21:00

Information - Download Brochure                                                         

Location	Venue	Date	Book Now
Limerick	The Strand Hotel	17 August	Book Now
Dublin	Alexander Hotel, Dublin 2.	18 August	Book Now

Conor Sweeney
OmniPro Corporate Consultants,
Unit 3, South Court,
Wexford Road Business Park,
Carlow.
csweeney@omnipro.ie
www.omnipro.ie
059 9183888