You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

March 27, 2020

Thailand Recommends Alternatives for Condominium Juristic Person AGMs during the COVID-19 Outbreak

Subscribe to Updates

According to Section 42/1 of the Condominium Act B.E. 2522 (1979), an annual general meeting (AGM) of joint owners in a condominium project must be held within 120 days from the end of its fiscal year, in order to approve, among other things, the balance sheet, annual report, and the appointment of an auditor.

As part of the government’s response to the COVID-19 pandemic, the Department of Lands issued a notification on March 23, 2020, recommending that condominium juristic persons (CJPs) proceed with AGMs as follows:

  • If the deadline for holding an AGM falls within the COVID-19 outbreak period, which is deemed an unavoidable situation, the AGM should be postponed until the situation returns to normal. In this circumstance, the CJP manager will be required to notify all the joint owners about the reasons for such postponement, and prepare the balance sheet and annual report, which will be published and disclosed to the joint owners in advance, so that they are ready for the AGM’s approval once the situation returns to normal; or
  • If the AGM cannot be postponed due to necessity, the CJP must encourage the joint owners to reduce the number of participants in the meeting by jointly appointing proxy holders to attend the AGM, in accordance with the Condominium Act, which rules that a proxy holder can represent up to three joint owners of condominium units. Alternatively, the AGM may be held electronically, as prescribed by the relevant laws governing electronic meetings.
Related Professionals

Practices

Real Estate

Location

RELATED INSIGHTS​ 

June 25, 2020
Practical Law has published an updated online version of Agricultural Law in Thailand, a Q&A-style guide that provides detailed overviews of the law affecting agribusiness in the country. The Thailand overview is one of twenty such guides to jurisdictions worldwide, covering key practical issues related to the legal environment for agricultural operations.The Thailand section, written by lawyers at Tilleke & Gibbins, delves into the following main issues:
Read More
June 17, 2020
The Royal Decree on Land and Building Tax Reduction B.E. 2563 was published in Thailand’s Government Gazette on June 10, 2020, and took effect the next day. The decree, intended to provide additional relief to the Thai economy as it begins to recover from the COVID-19 crisis, applies a 90% reduction to land and building tax payments for 2020 which are due to be paid by August 31, 2020 (previously extended from April 30, 2020). Owners of land or buildings are therefore only required to pay 10% of the land and building tax owed for 2020.
Read More
June 15, 2020
As the Thai government begins to gradually lift the restrictions that were implemented to minimize the health risks of the COVID-19 pandemic, the unprecedented economic impact of the disease continues to be felt across multiple sectors of the economy. Businesses have experienced a variety of challenges, including forced closures, supply chain disruptions, and severe declines in revenue as the number of customers has plunged. For the many businesses that lease space for their operations, one additional challenge is simply the ability to pay rent.
Read More