Q Is it ethical for board members or immediate family members to choose to do a job that would normally be something the community would get together to do for free (i.e. spreading out mulch in the park, pressure-washing the gazebo or …
Q Is it true that the board can deny a refinancing application and not give a reason? Does a reason need to be provided on request? —Inquisitive Owner A “Assuming that the proprietary lease for the particular coope…
Q “What recourse do unit owners have when a board is negligent of their duties? For example, a violation of the bylaws occurs when the board does not inspect common areas for safety and aesthetics when it specifically states in the b…
Shareholders often find themselves “butting heads” with the board of directors at the co-op buildings in which they live. Often the disputes, which arise are disagreements over a shareholder’s personal agenda, and a board not allowing th…
Q Who checks up on the board? Does the board police themselves from within, or is the managing agent checking up on their actions? If the board makes a mistake, will the shareholders be notified? In what way is a board accountable to th…
Q I’m the president of our building’s board. One of our directors has recently become a licensed real estate broker, and has recused himself from interviewing any potential buyers. At first, that seemed to ward off the semblance of any …
Q Our board president was given a violation for doing electrical work without a permit and blamed the superintendent for reporting the work to the New York City Electrical Board. She asked the board for the reimbursement for the cost o…
With annual meeting season upon us lots of shareholders contemplate leaving the sidelines behind to join the ruling class. Before you decide to cross over, be forewarned that the grass isn't always greener on the other side. To help you mak…
While not a common practice, boards of directors of New York cooperatives have, at times, reached the decision to evict a shareholder based on objectionable conduct. Nearly every cooperative corporation's proprietary lease contains a sectio…
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 f…