58.— (1) A management company shall—

(a) prepare and furnish to each member an annual report which complies with subsection (2), and

(b) hold a meeting at least once in each year for purposes which include the consideration of the annual report referred to in paragraph (a).

(2) An annual report of a management company shall include:

(a) a statement of income and expenditure relating to the period covered by the report;

(b) a statement of the assets and liabilities of the company;

(c) a statement of the funds standing to the credit of the sinking fund;

(d) a statement of the amount of the apartment complex service charge and the basis of such charge in respect of the period covered by the report;

(e) a statement of the projected or agreed apartment complex service charge relating to the current period;

(f) a statement of any planned expenditure on refurbishment, improvement or maintenance of a non-recurring nature which it is intended to carry out in the current period;

(g) a statement of the insured value of the designated apartment complex, the amount of the premium charged, the name of the insurance company with which the policy of insurance is held and a summary of the principal risks covered; and

(h) a statement fully disclosing any contracts entered into or in force between the management company and a director or shadow director of the company or a person who is a connected person as respects that director or shadow director.

(3) At least 21 days written notice of the meeting referred to in subsection (1) (b) shall be given to each member.

(4) A copy of the annual report referred to in subsection (1) (a) shall be given to each member at least 10 days before the meeting referred to in subsection (1) (b).

(5) The meeting referred to in subsection (1) (b) shall take place within reasonable proximity to the designated apartment complex and at a reasonable time (unless otherwise agreed by 75 per cent majority vote of the members).

(6) The obligations of a management company under this section are in addition to any other obligation or duty of such company whether arising under an Act, statutory instrument, by rule of law or otherwise.

(7) For the purposes of subsection (2) (h), “shadow director” and “connected person” have the same meanings as they have in the Companies Acts.