The best rule of thumb for boards is to act as ethically as possible. That way, shareholders will never have a problem with the decisions the board makes, right? Wrong. We live in an increasingly litigious society, where shareholder…
Our board has unilaterally determined that a “majority” of residents want an exercise room. And the board, in spite of this, continues to spend our money to pursue the project despite our requests to “cease and desist” and hold a general m…
Can a designated trustee of a co-op apartment serve as a member of a co-op board in any role? —Upper East Side Shareholder A “The general answer to the question is yes provided that the bylaws of the corporation or th…
Most shareholders would agree that attending their annual meeting is an activity low on their priority list, right after flossing their teeth and organizing their sock drawers. Some feel the meetings are boring, while others feel they do…
If you live in a co-op, as opposed to a condo, in New York State, chances are that your co-op has been organized under the designation of the Business Corporation Law, or BCL. But what is the BCL? The BCL, which has been in force for m…
Picture this: a co-op resident has a problem with his neighbor who plays loud music into the wee hours. He contacts his board of directors to see what he can do about this issue, but no one calls him back. Thinking maybe he just fell thr…
Legislatures are in session, both in the city and in Albany, and, as always, housing is a hot issue. What bills should co-op and condo board members, managers and owners be looking at that may impact their residences? While there ar…
Q I have a young toddler at home and my wife is a breast cancer survivor. For several years, our next-door neighbor’s chain-smoking home health nurse has filled up the hallway outside our apartment with smoke. The smell is so strong …
Q My co-op has not had elections in many years, as the number of candidates always equals the number of seats on the board. This year, however, there will be more candidates than seats. Someone mentioned that we are supposed to have cumu…
Q If a building decides to adopt a transfer tax, can they impose a tax when an apartment is sold to an outsider but exempt from the tax when selling to an insider? The apartments that have been combined with other apartments, (three …