Matraville Sports High School
Anzace Parade, Chifley NSW 2036
In order to provide as thorough a response as possible, we ask that you please email us any questions you may have ahead of AGM to ask@kytherianassociation.com.au. Cut off date for pre-submitted questions will be Wednesday May 24, 2023.
The membership is being asked to vote on a Special Resolution regarding the purchase of property by the KAA Board, as follows:
Resolution
That the members of the Kytherian Association of Australia (KAA) give Authority to the Board to purchase a property up to a Total Purchase Price* of $1,800,000** for the purpose of property investment, in accordance with these guidelines:
1. an independent valuation be obtained to verify the market value of the property;
2. if required, the KAA will arrange for bank or other suitable mortgage funding and the purchase of a property will be subject to having finance approvals in place for an amount up to $800,000;
3. this authority is for the purchase of a suitable property up to the date of the 2024 Annual General Meeting and is subject to annual ratification by the members at subsequent Annual General Meetings for the purpose of continuance of the Authority until a property is purchased;
4. any member of the KAA or its Committees that has an interest in such a property, whether financial, contractual or otherwise, must declare that interest to the secretary of the KAA and refrain from casting a vote and shall not participate in any debate, discussion or decision in respect of the purchase of that building;
5. at all times, the Board shall act strictly in accordance with the powers and responsibilities contained in the Constitution of the KAA;
6. this authority lapses upon the purchase of a property.
* Total Purchase Price is inclusive of stamp duty and other incidentals of purchase such as legal costs etc. ** $1,800,000 represents amount excess to current available cash held by the KAA and as a result borrowings will need to be sourced. This represents an equity to debt ratio of less than 20%. Any proposed purchase that exceeds the above pricing guidelines would still need to seek membership approval at a General Meeting by a 75% majority.
PROXIES
If a member wishes to appoint a proxy to vote for the Special Resolution listed above, they can do so by downloading the proxy form here 2023 Proxy Form or by emailing admin@kytherianassociation.com.au
Please note that a member can only be a proxy for FIVE (5) other members in total.
All proxies must be received by the Association’s office by close of business Monday 5 June 2023.
