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​ 

December 6, 2016
Practical Law has published the 2016/17 edition of its Corporate Real Estate Global Guide, a high-level overview of commercial real estate laws and regulations in 23 jurisdictions worldwide. The Vietnam chapter of the guide was written by Vinh Quoc Nguyen, a senior attorney-at-law in Tilleke & Gibbins’ corporate and commercial group in Ho Chi Minh City. The Vietnam chapter covers the following main topics:
Read More
October 14, 2016
Thailand is one of the world’s most popular travel destinations. A vast amount of tourists visit the country every year. And almost all of them have at least one thing in common—they need somewhere to stay.As tourists continue to pour into Thailand, savvy business operators have sought to capitalize on this wave of opportunity by providing various forms of accommodation. Small hotels and short-term accommodation rental service have become a particularly prevalent means to do business.
Read More
June 3, 2016
In 2011, when Myanmar embarked on a series of political and economic reforms, there was a surge in demand for real estate. Demand quickly outpaced supply, resulting in an undersupply of quality office space and housing. By 2014, rental prices in Yangon’s prime areas had climbed to as high as USD 100 per square meter, rivaling those found in lower Manhattan and over three times those in prime areas of Bangkok.
Read More