New York's Cooperative and Condominium Community

Habitat Magazine October 2020 free digital issue

HABITAT

ARCHIVE ARTICLE

Board of Directors

BCL SEC. 701

The business of a corporation shall be managed under the direction of its board of directors, each of whom shall be at least 18 years of age. The certificate of incorporation or the bylaws may prescribe other qualifications for directors.

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"Who can actually serve on your board? According to state law, anybody over 18 years old. If your board wants to exclude certain people from serving – non-residents, say, or partners of current board directors – you might have to have a shareholder vote to do so. Be sure to check your bylaws and certificate of incorporation to see if any restrictions exist before seeking a vote to add more restrictions and qualifications for board directors."

To read the full lecture, visit: http://bit.ly/G-Mazel

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