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Thank you Jimmy for your answer, highly appreciated.

In situation like this, when you have only 1 person at the
AGM (not including strata manager), does this constitute a quorum, or does the fact that he had proxies means that’s good enough?

 I suppose undervaluation of the property would fall under the “fraud of the minority” as the realistic market price for a property like this would be at least $300,000.
Because most owners don’t really bother coming to AGMs as they are investors, I find it amazing that an individual can use this to his advantage and acquire a property in a simple manner like this. So, for the argument sake there are 2 or 3 owners that are the only people that go to AGMs. What is stopping them from selling all the common properties in the building to themselves for $1.00 and then the next day selling it for $1 million. Is it only the “fraud of minority” that offers some
protection to other owners, or are some other regulations which relate to maybe building safety or something similar.

I suppose once the property is sold, most owners will not want to get into court cases and spend money on a very uncertain outcome.  

Thanks

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