Clarification for the Minutes of Millennium Residence AGM #6 FY2015 about the Qualification of the Financial Auditor and Juristic Person Manager Selection as raised by unit 116/146
Pursuant to the Agenda #2 of AGM #7, FY 2016 on June 11, 2016, a question was raised by unit 116/146 regarding the financial qualification of the candidates of Financial Auditor and the Millennium Residence Juristic Person Manager. The clarifications are made as follows:
The Selection of the Financial Auditor
Subsequent to AGM #7 FY2016 to approve the minutes for previous year AGM, Co-Owner of unit 116/146 questioned about the financial health of the auditors.
Under the Regulation, the financial auditor is to be appointed on a yearly basis by AGM with the minimum requirement that the auditor must be a certified accountant (CPA). This audit work is carried out once a year for financial reporting as required by AGM.
As such, in AGM #6 FY2015, 3 certified auditors were proposed and majority resolution was passed to appoint ThaiAudit The Truth Limited. ThaiAudit has been performing the audit for MR since 2013 and has carried out the audit satisfactorily. There is no stated need that the auditor has to have a minimum registered capital, given a total fees of THB40,000.
ThaiAudit The Truth Limited has a registered capital at 7,500,000 baht.
Varadee Audit Co., Ltd. has a registered capital at 1,000,000 baht
Termtem Audit Co., Ltd. has a registered capital at 100,000 baht
The Selection of the Juristic Person Manager (JPM)
Under the Regulation, the JPM is to be appointed by AGM for a term of 2 years. There is no specific minimum professional qualification requirement under the Regulation. It has been MR practice to select a legal profession to be the JPM who can manage the affairs of MR in terms of legal disputes, damage claims, etc.
As such, in AGM #6 FY2015, 3 candidates were proposed and majority resolution was passed to appoint Rajthevee Business and Legal Consult Co., Ltd., who has been performing the JPM task since 2013 and has completed the task as required by the Condo Act and MR Regulation.
Similarly, a question was raised about the financial health of the candidates for JPM during the approval of Minutes of AGM #6 FY2015. The status of Planet Law Co., Ltd., was still active at the time of submission of their proposal.
