Q. We are a cooperative that falls under the purview of the New York State Business Corporation Law. Is there a law in there allowing us to conduct a meeting without a quorum having been reached? We need more than 50% of the vote and cert…
Normally, a co-op, condo, or HOA management team is well-equipped to handle a wide variety of day-to-day matters, like leaky roofs and faulty garbage disposals. There are other bigger issues—such as embezzlement and fraud—that require outs…
It's a truism that's been phrased many ways by many wise people: “A lack of transparency results in distrust and a deep sense of insecurity.” That's the case in any number of situations, but it's especially applicable to the administration…
Q I have a few questions that I would like to post: 1) Is it true that the board can deny my refinancing application and not provide a reason? What are my rights? How can I fight this? 2) Can the board sue me for writing an open letter to…
“If I want to buy a co-op do I have a right to see the board meeting minutes so that I might see if any major repairs have been recently completed on the building or are scheduled to begin.” —Buyer Beware “The simple answer is NO!”…
Serving on the board is not all fun and games, glamor and glory. There’s also some paperwork involved. In fact, the flow of paperwork is the lifeblood of the community. The Articles of Incorporation, proprietary lease and bylaws in a…
What happens when there is no quorum at a shareholders meeting and therefore there is no election for new board members? The same board has remained in my co-op for many, many years without a chance for us to vote them out. Isn't there a la…
A key to success and functionality in any relationship is clear, consistent communication. In a residential community, part of achieving functionality is managing the information in the governing documents and records which detail the …
Q Our co-op has a board member who shared a confidential board decision with the shareholders and went so far as to initiate and circulate a petition for a meeting of shareholders to reverse the board decision. Naturally, many sharehol…
Recently, the Appellate Division First Department, in Fletcher v. Dakota, Inc., involving a shareholder in The Dakota, a historic luxury co-op on the Upper West Side, held that the business judgment rule does not protect individual con…