Can the Size of the Board be Set by Resolution?
The following resolution has been prepared for owners to vote on at our upcoming AGM:
“To set the number of Board positions to 5.”
Owners will be asked to vote “In Favour”, “Opposed” or “Abstain”.
However, our bylaws state the following:
“… the board shall consist of not less than three nor more than seven owners … and shall be elected at each annual general meeting.”
The election of the board members will take place at the AGM as required, but there will be more than five owners running for the board positions.
So since the bylaws allow a range of three to seven positions on the board, and there will be more than five owners running for the positions, would the resolution to set the number of board positions to five violate the bylaws if it passed?