Quorum of members present? YES (87 signatures were recorded)

(See attendance register and Constitution attached)

Proposal 1: That a vote of thanks be expressed to the following:

- the current Board members of AfRES, for services rendered
- the International Real Estate Society and the AfRES task team, for financial assistance and support
- Prof K-W Schulte and the European Business School, for financial assistance and for support
- the Royal Institution of Chartered Surveyors (RICS), for financial assistance and for support
- Mr S Rothenberger for pre-conference arrangements.

Majority vote: FOR
Proposal 1 accepted? YES

Proposal 2: That members vote to amend the existing Constitution and Bylaws and empower the newly appointed President, supported by an Advisory Board, to draft a new Constitution and Bylaws and operate accordingly, until these may be ratified by the members at the next AGM.

Majority vote: FOR
Proposal 2 accepted? YES

Proposal 3: That Mr Felician Komu become the next AfRES President, with term of office until such time as he is replaced at an AGM.

Majority vote: FOR
Proposal 3 accepted? YES

Proposal 4: That Ms Agnes Batengas become the next Secretary/Treasurer, with term of office until such time as she is replaced at an AGM.

Majority vote: FOR
Proposal 4 accepted? YES

Proposal 5: That Mr Stephen Brown, of the RICS, remain a director of AfRES, on the grounds of the continued support by RICS of the AfRES conferences.

Majority vote: FOR
Proposal 5 accepted? YES

Proposal 6: That the following persons act as non-paid officers of AfRES: Ms Julia Freybote as webmaster; Mr Moses Mpogoli and Mr M Banyani as newsletter editors.

Majority vote: FOR
Proposal 6 accepted? YES

Proposal 7: That the following persons be included to act in an advisory capacity to the President and Treasurer: Prof K-W Schulte (representing the International Real Estate Society); Prof V Ghyoot (representing South Africa); Prof W Olima (representing Kenya); Ms J Rugasira-Kyanda (representing Uganda); Dr L M Olayiwola (representing West Africa); Mr N Akakandelwa (representing Zambia); Mr Wawanja (representing Malawi); and Mr A Issa (Namibia).

Majority vote: FOR
Proposal 7 accepted? YES

Proposal 8: That next year's AfRES conference be held in Zambia and be organised by the Copperbelt University, with contact person Mr N Akakandelwa.

Majority vote: FOR
Proposal 8 accepted? YES

Proposal 9: That the bona fides of all persons who have handled AfRES finances since its establishment in 1997 be accepted and that the current Secretary/Treasurer pass on the funds of AfRES to the incoming secretary/treasurer without having the books of account audited. This shall be done by transferring all funds from the African Real Estate Society current account, number 000539015, held at Standard Bank, Johannesburg, to a bank account in Tanzania nominated by the new Secretary/Treasurer.

Majority vote: FOR
Proposal 9 accepted? YES

Proposal 10: That Prof V Ghyoot be mandated to formalise an agreement with the IPD South Africa, in terms of which IPD agrees to fund the following as from 2006: At African universities where the teaching faculty are active AfRES members, an annual book prize, with value approximately US$80, be awarded to the best final year student in real estate. That representative final year projects by these students be forwarded to the IPD South Africa and that the overall best student be fully sponsored to attend the annual conference of one of the daughter societies of the International Real Estate Society. Each winning student may select respectively the book to be awarded and the conference to be attended. African universities where active AfRES members teach are presently the following:

- Copperbelt University, Zambia
- Federal University of Technology (Department of Estate Management), Acura, Nigeria
- Makerere University, Uganda
- Obafemi Awolowa University, Ibe-Ife, Nigeria
- University College of Land and Architectural Studies, Tanzania
- University of Lagos, Nigeria
- University of Nairobi, Kenya
- University of South Africa
- University of the Witwatersrand, South Africa

Majority vote: FOR
Proposal 10 accepted? YES

PROPOSALS FROM THE FLOOR:

Proposal 11: That, because of its accessibility to all who wish to join, AfRES assume a more dominant role in professional practice in Africa. That Mr J Margolius of the statutory South African Council for the Property Valuers Profession and Prof W Olima of the University of Nairobi, who also holds a statutory regulatory position for the Surveyors Profession in Kenya, be mandated to do the following:

- to start negotiations, on behalf of AfRES, with statutory and professional bodies across Africa, with the aim of integrating the administration of professional practice and allowing professionals to practice in countries other than their home country; and
- to co-opt persons required to complete this task, as they see fit (there was a request that a West African representative be specifically included).

Mr Margolius and Prof Olima are to report back to the AfRES membership.

Majority vote: FOR
Proposal 11 accepted? YES

Proposal 12: That a local auditing firm be mandated to examine the financial and other records of AfRES and report back to the membership. This will be at no cost to AfRES, because Mugisha A Turyahikayo, a delegate from Kampala, Uganda, pledged to meet the audit costs on behalf of AfRES. Details will be communicated to the AfRES secretariat. This proposal does not in any way invalidate proposal 9, but is intended to strengthen transparency.

Majority vote: FOR
Proposal 12 accepted? YES

Proposal 13: That AfRES should also operate on a decentralised basis, with regional branches, for example in Southern Africa, West Africa and East Africa.

Majority vote: NO
Proposal 13 accepted? NO

Proposal 14: That, because of the difficulty and expense of communication and travel across Africa, AfRES should investigate the possibility of employing an E-platform to communicate with members, provide them with unique AfRES e-mail addresses, serve as a repository of documents and serve as a platform for publication. (It is understood that one or more service providers may be willing to provide such a platform to AfRES at a low cost.) That Mr Steen Rothenberger be mandated, on behalf of AfRES, to start negotiations with service providers.

Majority vote: FOR
Proposal 14 accepted? YES

Proposal 15: That AfRES, in conjunction with the Royal Institution of Chartered Surveyors (RICS), investigate the possibility of publishing an academic journal, the Journal of the African Real Estate Society, with editorial and publishing services to be provided by the RICS. The journal may be published electronically, with limited paper copies being distributed. That Mr Stephen Brown of the RICS be mandated to investigate this possibility on behalf of AfRES.

Majority vote: FOR
Proposal 15 accepted? YES

OTHER MATTERS:

16: There was some discussion on the amount of membership fees and the non-payment of annual dues by members. Following a suggestion from the floor that this matter can only be decided once a budget and a new constitution had been drawn up, no further action was taken at this time.

17: Because of the many important proposals that had to be decided within the two hours allowed for the AGM (see proposals 1 to 10), the agenda that had been circulated beforehand was not followed. However, the agenda was read out aloud and members were invited to discuss any matters that had not already been dealt with. No further matters were raised.

The joint chairmen adjourned the meeting at 17:30.

Certified a correct record of decisions taken by the AfRES members by the following chairpersons of the African Real Estate Society (AfRES) Annual General Meeting, 16 March 2006, held in Bagamoyo, Tanzania.

17 March 2006