17.— (1) An owners’ management company shall—

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

(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 an owners’ 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) where the owners’ management company is required to establish and maintain a sinking fund—

(i) a statement of the funds standing to the credit of the sinking fund, and

(ii) details of the amount of the annual contribution to the fund and the basis on which such contribution is calculated;

(d) a statement of the amount of the annual 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 annual service charge relating to the current period;

(f) a statement of any planned expenditure on the 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 multi-unit development, 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;

(h) a statement setting out, in general terms, the fire safety equipment installed in the development and the arrangements in place for the maintenance of such equipment; and

(i) a statement fully disclosing any contracts entered into or in force between the owners’ 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 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 furnished 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 multi-unit development and at a reasonable time (unless otherwise agreed in writing by a 75 per cent majority vote of the members).

(6) The obligations of an owners’ 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.