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…
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…
Q Our co-op board has begun a policy of forbidding individual members to communicate with other shareholders about any issues in the building, not just legal matters. Any queries are answered with a stock reply. This board did not run …
Q “The board was advised by one of the owners that we must mail all the minutes of each directors’ meeting to all the owners. Is this correct?” —Out in the Open A “In order to answer this question it would be nece…
Q I live in a co-op complex of a few hundred apartments. After 60 years without apartment insurance the present board suddenly decided that all shareholders must carry insurance. This translates into an additional expense of approxim…
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 Do co-op shareholders have any rights when it comes to the selection of a management company for their building? And if they can’t directly choose which company will manage their co-op, can they attend the interviews with the poten…
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 Several others and I are shareholders in a co-op on the East Side of Manhattan. Our board and management company are putting through Local Law 11. This is not a problem. However, they have refused for any of the shareholders to see th…
Q Late last year, our board decided to make changes to our bylaws by an act of resolution; a move not authorized by our governing documents. A group of shareholders called a special meeting to oppose the changes, and they were voted on…