Is it legal to continue to raise levies if no AGM has been held?
Written by Jessica Tait
Updated at January 18th, 2021
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If another quarter’s levy is not included from the previous financial year’s General Meeting, the “additional “levy cannot be charged.
Typically, the motion relating to budget and levies is in order to raise funds for the next financial year. However, to ensure there are enough funds for cash flow purposes it is best practice to include a quarter or even two on from this, allowing time to hold the next AGM. It will simply carry over for the first quarter of the new financial year and can be adjusted using “extra: Levy” once the new budget is accepted.