There is no legal compulsion to hold EC meetings. However, if there are decisions to be made that haven’t previously been approved by the Owners Corp, the EC must meet, must provide an agenda at least 72 hours before a meeting and minutes with 14 (?) days after it.
The EC’s decisions are taken as the Owner’s Corp’s decisions but they have to hold a properly constituted meeting to make those decisions official. However, the EC can’t agree to spend monies that were decided not to be spent at the AGM, or to spend more than 10 percent over the budgetted figures that were agreed without a general meeting for approval.
However, the AGM can lift these restrictions on the EC for the upcoming year. The key factor is that the EC must convene a meeting to agree on new unplanned expenditure, so that owners can be kept aware of what is going on.
Rules for the running of ECs are contained in the Strata Act (Division 3) and in Schedule 3 (which is at the end of the Act)