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…
In any co-op or condo association, as with any decision-making body, meetings are essential for influencers to gather and make choices that best represent the interests of their communities. However, these meetings do not—and cannot—…
Much like corporations and charity organizations, condos, co-ops and HOAs across the nation are helmed by groups of residents who volunteer to serve their communities, and who are elected to their post by their neighbors. This is of course…
There’s nothing worse than being a unit owner in a building and seeing someone on your board breaking a rule and seemingly getting away with it. Some board members believe that they are “above the law” so to speak, and seem to be ope…
While some condos and co-ops are lucky enough to have lawyers serve as members of their board, the majority of boards don’t have an in-house legal expert. They often reach out to their attorney to answer questions, vet documents and sen…
Q I just found out that a member of my co-op board has been issued a check for a very large amount from our operating account. There has been no explanation or discussion about this, and now nearly six figures worth of our community …
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…
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…
Q Are shareholders in co-ops entitled to know the names, addresses, phone numbers or other contact information for their fellow shareholders? —Inquiring Shareholder A “The simple answer to the question here is, yes. S…
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…