Holding regular meetings is one of the most essential tasks of a co-op or condo board, because that’s where the building’s policy is formed, where business decisions related to the community are made and usually where administration of …
As the leaders of a private corporation in which shareholders own stock that entitles them to live in an apartment within the corporation’s building, residential co-op board members have a lot of responsibility. Along with this responsi…
Everybody sometimes disagrees with the decisions of their co-op or condo board. Maybe the choice to rearrange the garbage receptacles out front seems ridiculous, or the ongoing clattering of machinery on the roof is driving the top-flo…
Q Can the president of the co-op board be in business with the managing agent company’s owner without divulging it to the shareholders or other board members? The board members were recently notified that the owner is one of the boar…
Q “A number of shareholders have raised questions about the management of the our co-op corporation. The board has been largely in place for 10 years, the managing agent for 20, and the board retains an attorney, who also served the …
Q Two weeks prior to our annual condo election, the unit owners receive their proxies in the mail. However, a board member, who was up for re-election, obtained a proxy from the managing agent two weeks earlier than all the unit owners. I…
On last season’s “The Apprentice” reality show, celebrities volunteered their time to team up and compete, not for a job with the Donald Trump organization, but to win a large donation to their favorite charity. The show’s concept is to…
Q I am a shareholder in a Westchester County 73-unit cooperative, two of which are commercial units generating approximately two percent of the co-op’s income. The president of our five-member board of directors has been president for o…
Q Can we have a superintendent on the board of directors although he is not a shareholder? Is this a conflict of interest? What are the pros and cons of an employee being on the board? —Confused & Conflicted A “There is no pro…
Q Our co-op has not had an election for the board since 2004. Many shareholders rent their units and are concerned that the sponsor has two seats on the board and owns/runs the management company and rental office from here. The problem i…