Can someone let me know if their building abides with this 2017 rule?
https://www.wasserruss.com/new-conflict-of-interest-rules-ny-condo-co-op-boards/
Our building this year had board members sign something but that’s it.
What about shareholders? Do they need to know about this and this is communicated to them regarding board members signing a document and also listing contracts, etc and maybe that is distributed to the shareholders?
Hi,
Our coop board is not allowing any shareholders who are currently trying to sell their unit to the annual shareholders' meeting. This was emailed to us last year then rescinded at the last minute. In the new house rules, there is now a rule stating this. Is this allowed under regular articles of incorporations? This is a NYC coop, for reference.
The purpose of this correspondence is to request how to provide an opportunity for all co-op shareholders to be included in the annual meeting.
The problem is many of our shareholders do not have access to technology nor the skills and therefore will not be able to participate in the voting process.
The meeting is virtual and reasonable accommodations have not been made to resolve this situation.
Most importantly, I would like to know if there is any liability for the cooperative not to provide accessibility for its shareholders.
If you have encountered a similar situation please share how it was resolved.
Thank you.
I wanted to ask your thoughts on this…
A few years ago our co-op attorney sent a letter basically an eviction notice to one of our tenants. The co-op owned a few apartments. The letter was not signed by the attorney and instead he listed himself as DIrector of the co-op. The tenants showed it to other residents/shareholders and we were upset and embarrassed. The couple was expecting a baby -7 months pregnant. Also they were the grandchild of one of our board of directors. He was on the board for quite awhile. He was so upset. It didn’t work of course but the it was mean and not necessary. It was done behind the board member’s back. All they had to do was ask him to sign the lease or ask the board member if his grandson was renewing the lease. The management company was shocked when they found out it was his grandson. The young couple forgot to sign the lease. I also thought it was so inappropriate and unethical the way the attorney basically went around it. It was a white piece of paper and not his law firm affiliated to it to really make it official. I think it was a scare tactic and totally unnecessary.
What steps should a shareholder take when there has been no shareholders meeting in two years? We moved into a co-op in 2019 and there has been no annual shareholders meeting or any kind of meeting. No communication at all from the board or management.
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What can a HDFC/Co-op do to safeguard the Board of Directors from threats and assaults of shareholders who are enraged not because of something the individual did but because of something the co-op/board did but assaulted the Board Member for carrying out their elected duties. The surveillance video shows/confirms that the attack was unprovoked, and the blow was sustained while the Board Member had her back towards the male shareholder.
The shareholder assaulted a Board Member with bodily harm where the member was knocked unconscious, broken nose, black eyes, dizziness, surgery on nose, delay in speech and anxiety and traumas. Police issued a warrant for arrest of the shareholder(perpetrator) for a felony 1st-degree assault charge; however, he is still at large.
Can the Co-op have rules/protocols/procedures in place such as offer $2000 in reward money for information leading to the arrest and indictment of a shareholders who assaults a Board Member who was performing their elected duties and the termination of the perpetrator's proprietary lease?
What can the Co-op do to ensure that its elected official are protected from violet acts while performing their elected duties?
Also, is the Co-op liable because this shareholder who assaulted the Board Member had been a nuisance 100 days prior to the assault? How should the Board Member be compensated for their pain and suffering, loss of wages and the bodily injures?
Any assistance relating to this matter will be greatly appreciated. Thank you in advance.
Board of Director Member
Is it common practice that a co-op attorney is appointed as a director/board of director too?
Wouldn’t that be a conflict?
Also is it appropriate for the attorney to use the director title when it works for him?
One time he sent a letter to someone in our building and didn’t sign it besides listing himself as the director of co-op and not attorney..,,why if he’s our attorney?
I know the board members were OK with this but to me its odd.
My coop experience has unfortunately been horrible.
Our sponsor has maintained control over the building for decades. She has full influence over the property manager, and our board is packed with her picks. She and the property manager illegally cancelled the building election three years ago, and we haven't had one since. Their excuse is quarantine.
Among other issues, I was assaulted by one of her tenants - who has since moved out. No security camera was installed in the area where the attack occurred (and the board has refused to install one since.)
I have no doubt this individual has a record, and would like to at least present that information as proof the sponsor DOES NOT do due diligence re: who she rents to. Unfortunately, I'm disabled and on a strict budget. Are there ANY tools or contacts that would be of use to me? Thanks!
I wanted to ask about this part of the annual meeting where we vote for officers..I had mentioned that I felt ambushed when asked to sign a code of ethics and if I don’t then I’m off the board and didn’t know ahead of time but others new on the board since I was new. Why didn’t the attorney have the document or even other’s documents that they wanted me to sign sent to the board members so we can discuss it?
He also mentioned something about him and someone in our management company to be officers…something like that and again didn’t have the documents in front.
Also he said a code of ethics is has more power than an NDA. Is that true?
I was voted on the board and found out during the meeting at the end that there’s a code of conduit document and I have to sign it or I’m off the board. I never knew about this or else I would of never run. I was so upset. Is this legal? I don’t know anyone that lives in a co-op that does this. I felt ambushed.
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Also we have a sponsor on the board which makes it 7 and he rents and sells his units. Isn’t that a conflict of interest?
Also what about our management company they have a real estate company on the side and would communicate that to shareholders..isn’t that a conflict of interest or does the rule just apply to board members?
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