2nd agm carabelle (revised so) 2

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CARABELLE

2nd Annual General Meeting21 January 2012, 1.00 pm

MCST 3442

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ATTENDANCE

Total Share Value 2,307 sharesRequired Attendance is 30%

693 shares

Attendance at 1.00pm 177 share / 7.7%Attendance at 1.30pm share / %Proxy Representation shares %

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GENTLE REMINDER

Before we start the Meeting, please be helpful to switch your mobile phones to

“Silent Mode”

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MEETING GROUND RULES

As this is a recorded meeting, if you wish to speak, please:

(i)Seek permission from Chairman before you begin

(ii)Go to the nearest microphone; and

(iii)Identify yourself (Name & Block/ Unit representing) before addressing the meeting

Maintain Silence when others are speaking; if you need to speak to someone, keep conversation volume to a minimum

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MEETING GROUND RULES

1. Do not raise items not meant for discussion at this Meeting.

2. Do follow the Sequence on the Agenda.

3. Do note that the Chairman can rule motions out of order.

4. Provide Constructive Solutions.

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AGENDA

1.0 Opening Address By Chairman

2.0 Minutes of 1st Annual General Meeting2.1 To confirm the minutes of 1st Annual General Meeting held on 22nd January 2011. (Please refer to Page 5 to 13)

3.0 1st Management Council’s Report3.1 To adopt the 1st management council’s report.

(Please refer to Page 14 to 17)

Link to Management ReportLink to Management Report

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AGENDA

4.0 Audited Accounts of The MCST 3442

4.1 To consider and if thought fit, adopt the audited accounts together with Auditor’s report of the Management Corporation for the financial period of 1st October 2011 to 30th September 2011. (Please refer to Page 18 to 33)

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Status at end of financial year 30 Sept 2011

Statement of Accumulated Funds 30 Sept 2011

Page 23 & 24 of AGM document

Actual Income $986,680

Actual Expenditure $1,012,742

Balance of Year End ($26,081)Deficit (after tax)

Management Fund Balance $275,887Sinking Fund Balance $13,842TOTAL $289,729

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Notes:

1)Due to increasing labour costs and pressure from inflation, the costs for labour intensive services such as Cleaning, Security and site staff have increased.

2)Upon lapse of DLP period, MCST has to commence its own maintenance contracts for various maintenance. More details enclosed at next slide.

3)Developer ceased the free shuttle bus service in Feb 2011 and Council decided to renew the contract upon survey conducted with the residents at $5,500 per month.

Major Expenses in FY ending 20 Sept 2011Page 33 of AGM document

Items

Year 2010(08 Jan 10 to 30 Sept 10 )

Year 2011(01 Oct 10 to 30 Sept 11)

9 months 12 months

Costs Comparison Based on Amount Per Month

*Cleaning Services $13,769.67 $14,526.17

*Security Services $15,705.00 $15,994.67

*Site staff cost $10,134.22 $10,395.08

*Repair & Maintenance $612.33 $12,536.00 (next slide)

*Shuttle Bus Services - $3,293.923

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Maintenance Contract Repair & Parts

1) Lift Maintenance $56,550 Swimming Pool $3,400

2) Landscape Maintenance

$38,724 Security Maintenance System $1,209

3) Swimming Pool $30,585 Maintenance & Electrical $2,406

4) Air-con Maintenance $1,260 Plumbing & Sanitary $5,815

5) Fire Protection System

$1,348 Annual Washing of Water tanks

$4,380

6) Security Maintenance System

$2,889 Others(Generator, Gym, Licenses)

$1,032

7) Others(Generator, Gym)

$834

Sub Total $132,190 Sub Total $18,242

Total Expenditure ($132,190 + $18,242) / 12 = $12,536

Major Expenses in Repairs & Maintenance

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5.1 Management Fund

To consider and if approved, resolve that the Management Fund contributions, with effect from 1st April 2012 be increased from $35 to $40 per share value per month or any such amount as the meeting may so decide and be paid quarterly in advance on the 1st day of the months of April, July, October 2012 and January 2013, without demand.


Management Fund contribution is levied in accordance to Section 39(1) of the BMSMA for the regular maintenance of common areas and keeping it in good and serviceable condition

ORDINARY RESOLUTION

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Notes:

1.Council is proposing to increase the contributions from $35 to $40 psv per month as it is not advisable to further deplete the accumulated fund balance.

2.With the proposed increase to $40, there may still be a potential deficit of $2.80 psv per month which equals to $77,500.

3.As such, the incoming Council has to be very prudent in their expenditure to achieve breakeven at end of next Financial Year (FY).

Proposed MF Contributions at $40 per share value (psv)

Items Year 2011(01 Oct 10 to 30 Sept 11)

Year 2012(01 Oct 11 to 30 Sept 12)

Actual Expenses Projected Expenses

Yearly Expenses $1,012,742 $1,184,740

Required MF Contribution to breakeven

$36.60 psvper month

$42.80 psv per month

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5.2 Sinking Fund

To consider and if approved, resolve that the Sinking Fund contribution with effect from 1st April 2012 be increased from $1.00 to $6.00 per share value per month or any such amount as the meeting may so decide and be paid quarterly in advance on the 1st day of the months of April, July and October 2012 and January 2013 without demand.


Sinking Fund contribution is levied in accordance to Sect 39(2) of BMSMA which is raised for the purposes of meeting its actual/expected liabilities for repainting, major renewal or replacements and major improvements to common property.

ORDINARY RESOLUTION

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Notes:

1.Although Council is proposing to increase the contributions from $1 to $6 psv per month, it is still a very conservative proposal as this means the repainting is expected to carry out by 6th year instead of the usual 5th year.

Proposed SF Contributions at $6.00 per share value

Available SF Balance $13,842

Expected Major Expenditure in 2 years’ time – E.g. External Repainting (expected every 5 years) Est. $500,000

Illustration of Yearly Financial Status based on proposed SF amount

Proposed SF Amount 2012 2013 2014 Total

$1.00 $27,684 $27,684 $27,684 $83,052

$2.00 $55,368 $55,368 $55,368 $166,104

$4.00 $110,736 $110,736 $110,736 $332,208

$6.00 $166,104 $166,104 $166,104 $498,312

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6.0 Late Payment Interest

6.1 To consider and if approved, resolve that the interest payable in respect of any contributions not paid within 30 days when it becomes due and payable shall be at a rate of 12% per

annum or any such rate as determined by the meeting calculated on a daily basis and that such interest shall accrue from the expiry of 30 days after the due date when the contributions become due and payable.

At last AGM, the interest rate was decided at 12% per annum.

The above resolution is in accordance to the Section 40(6)(b) of BMSMA.

ORDINARY RESOLUTION

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7.0 Recovery of Legal Fees

7.1 Arrears in Contribution

To consider and if approved, resolve that all legal fees including those on an indemnity basis, disbursement and incidental cost, incurred in the recovery of arrears of any contributions or such other sums owing to the Management Corporation by the subsidiary proprietor, occupiers, or lessees and/or incurred by the Management Corporation in any actions taken against any Subsidiary Proprietor, occupier, lessee for any breach, contravention or non-compliance with any duty, by-law, resolution and regulation relating to the subdivided building shall be recovered from the subsidiary proprietors, occupiers and lessees.

The above resolution is in accordance to the Section 40(6)(c) of BMSMA.

ORDINARY RESOLUTION

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7.0 Recovery of Legal Fees

7.2 Breach of By-laws

To consider and if approved, resolve that where a subsidiary proprietor or occupier of a lot has breached any By-laws of the Second Schedule of the Building Maintenance and Strata Management Act (BMSMA) and/or breached any by-laws passed by the management corporation at its general meetings and where the management corporation incurs any costs, fees or expenses whatsoever in enforcing the said by-laws, the Management Corporation shall recover as a debt all such costs, fees and expenses from the subsidiary proprietor or occupier concerned on a full indemnity basis.

The above resolution is in accordance to the Section 40(6) of

BMSMA.

ORDINARY RESOLUTION

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AGENDA

8.0 Management Council of the MCST 3442

8.1 To determine number of members for 2nd Management Council.

8.2 To elect the members of 2nd Management Council.

8.3 To empower the in-coming Management Council to appoint the Chairman, Secretary and Treasurer of the Management Council.

8.4 To empower the in-coming Management Council to appoint the authorized signatories for the operation of the Management Corporation’s bank accounts.

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ELECTION OF COUNCIL MEMBERS

Explanatory Notes

•To be elected as a member of the Council

•At least 21 years of age

•A Subsidiary Proprietor

•A nominee who is an immediate family member of a Subsidiary

Proprietor that nominates him or her; or

•A nominee of a Subsidiary Proprietor that is a company

•Not in arrears 3 days before the election

•An un-discharged bankrupt shall declare in writing whether by

himself or by another, at the time of his nomination

NOMINEES

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S/NO Nominee Unit No Proposer Unit No Seconder Unit No

1 Harish Pillay 51#12-01

2 Tomasina Oh 61#12-19

3 Eric Tan 53#11-04

4 Casey Chua 57#01-12

5 Benny Lim 51#02-02

6 Lilian Yan 59#05-15

7 Goh Yew Soong 63#06-24

8 Donald Pereira 51#10-03

9 Liu Wenqing 53#10-20

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NOMINEES

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S/NO Nominee Unit No Proposer Unit No Seconder Unit No

1

2

3

4

5

6

7

8

9

10

11

12

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8.0 Management Council of the MCST 3442

8.5 To decide what matters or class of matters, if any, shall be determined only by the Management Corporation in a general meeting.

Note: At last AGM, it was decided that Council is empowered to expense an amount not exceeding $50,000 per item if deemed necessary for

works or emergency matters if any.

The above resolution is in accordance to the

Section 59 of BMSMA.

ORDINARY RESOLUTION

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9.0 Appointment of Auditor

9.1 To consider and if approved, resolve that the incoming Council be empowered to appoint the Auditor for the Management

Corporation for the period up to the conclusion of the next AGM and to authorize the Management Council to fix the terms and remuneration of the Auditor.



ORDINARY RESOLUTION

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10.0 Appointment of Managing Agent

10.1 To consider and if approved, resolve that the incoming Council be empowered to appoint a Managing Agent for the Management

Corporation up to the conclusion of the next AGM on the terms and conditions to be determined by the Council.

10.2 To consider and if approved, empower the Council to determine which powers, duties and functions of the Management Corporation be delegated to the Managing Agent in accordance with Section 67(1) of the Building Maintenance & Strata Management Act 2004.



ORDINARY RESOLUTION

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ORDINARY RESOLUTION

11.0 Shuttle Bus Service Contract & Charges

To consider and if approved, resolve by way of an Ordinary Resolution to empower the management council

a) To renew the shuttle bus service contract;

b) To decide the appointment of shuttle bus operator at a budget not exceeding $70,000 per year;

c) To include any charges to be levied for the usage of the shuttle bus service.

Note: The current shuttle bus service contract with M/s Sin U Lian is expiring on 31 March 2012 at $5,500 per month

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SPECIAL RESOLUTIONS (75% approval)

12.1 Implementation of 2nd Car Charges

To consider and if approved, resolve by way of a Special Resolution to implement a parking fee of $75 per month or other such amount decided by the meeting for 2nd cars, subject to the availability of parking lots.

Link to NotesLink to Notes

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12.2 Implementation of Facilities Usage Fees and Deposits

To consider and if approved, resolve by way of a Special Resolution that a usage fee be levied for the proposed facilities, as follows:

Facilities Fees per use

(a) Barbeque Pits $10

(b) Function Room 1 (small) $20

(c) Function Room 2 (big) $40


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12.3 By-Law on Wheel Clamping for Unauthorised Parking

To consider and if approved, resolve by way of a Special Resolution that the following Wheel Clamping By-laws be passed as follows:

1.All vehicles shall be parked at the designated car park lots. 2.Vehicles found not displaying a valid car park label and/ or parked indiscriminately and/ or parked at non-designated parking areas will be wheel-clamped. Wheel clamp will be released upon payment of S$100.00 (inclusive GST).3.Violation notice will be issued and placed onto the vehicle windscreen. After a 30 minute grace period, the vehicle will be clamped.

Continued next page…….

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4.Payment shall be made to the Management Office during office hours or at the guardhouse after office hours. Upon payment, the wheel-clamp will be removed.

5.Only Cash Payment will be accepted for the payment.6.The Management shall not be liable for any damages howsoever

caused to any vehicles immobilized by its agents or authorized persons arising from the breach of the By-Laws.

7.In the event that the indiscriminate parking should cause any obstruction to other road users, the vehicle will be towed

away and the charges will be borne by the driver responsible.


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12.4 Minimart Lease

To consider and if approved, resolve by way of a Special Resolution to empower the Management Council to lease the minimart space (next to the Management Office) and to decide on the fees, term and conditions of the contract.

Link to Minimart ProposalLink to Minimart Proposal

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13.0 Any Other Business

13.1 To consider any other business as may be transacted during this annual general meeting, notice of which has been given in writing to the Management Corporation in accordance to the Building Maintenance And Strata Management Act 2004.

AGENDA

Thank you.