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I agree with Jimmy – the Act sets out specific requirements for EC composition and procedure, you can’t override that with a by-law. Any decisions made in that way could be challenged.
Re the resolution that “any owners present at a meeting be invited to vote on any item on the Agenda” – this simply doesn’t work. If the EC is made up of 6 members, then the number of votes required to pass an EC resolution is determined by that number. If you have a situation where other owners present are invited to vote, some may vote, some may not – how would you then determine what the number of votes would be to pass a resolution?
You can’t declare an EC meeting to be a General Meeting – different requirements for notice and agenda apply to the two types of meeting.
As a general observation, a smaller EC is more effective and ideally an odd number of EC members is preferable, so you don’t have a tied vote.