Cooperator - Articles - 1995 Dec/Jan

Is Your Board Carrying Out Its Fiduciary Duty?

no@spam.com (Bruce A. Cholst Esq.) — Thu, 13 Nov 2008 13:30:01 EST

One of the most distressing issues confronting board members is how to comply with their fiduciary duty to shareholders and unit owners. Although misconceptions abound as to the precise nature and scope of this obligation, a breach of the fiduciary duty could result in grave consequences for both the offending board member and the community which he or she represents. Perhaps the most widespread misconception is that fiduciary duty is related to the degree of competence or zeal with which board members perform their management responsibilities. For example, I have often heard it said that, The board has a fiduciary duty to operate on budget, or, As a board member, he has a fiduciary duty to regularly attend meetings. In fact, the fiduciary responsibility has nothing to do with board members' skill or fervor. Basically, a breach of the fiduciary duty to shareholders and unit owners occurs whenever a board member's abuse of such power results in harm to one or more of his constituents.

Recovering Fraud Loss

no@spam.com (Andrew M. Schutzman and Eugene R. Anderson) — Wed, 31 Dec 1969 19:00:00 EST

There is some good news for cooperatives and condo-miniums that feel they have suffered because of the

Look Before You Leap

no@spam.com (Ed Serken) — Wed, 31 Dec 1969 19:00:00 EST

If you've been apartment shopping, you may think you know everything there is to know about the unit you've got

The Annual Meeting

no@spam.com (Edward T. Braverman, Esq.) — Wed, 31 Dec 1969 19:00:00 EST

If winter's here, can spring be far behind? This old adage is particularly meaningful in relation to

Maximize Garage Income

no@spam.com (Ed Serken) — Wed, 31 Dec 1969 19:00:00 EST

If there's a garage in your build-ing, chances are it's not being used to its fullest potential. Security cameras and gates,