Penalty for not calling an AGM
isn't any. A board can pretty well ignore the Condo Act if they don't
want to hold an AGM. The worse that will happen is that a judge will
order them to hold one.
Here is a reply from an American lawyer on a co-op who did not have an AGM for five years.
Since the co-op is now having a
meeting, he says, that wipes out the transgression of not having done
so for several years. "While certainly it was not good practice or in
compliance with the governing documents not to have a meeting for five
years," Braverman says, "it appears [the board has] cured it. They're
having a meeting."
So the best an owner, or a group of owners, can do is either:
1. Go to Superior Court to get an order forcing the board to call an AGM, or:
2. Requestion an owners' meeting to remove the directors.
Both take time and money.