I was asked by some one... Where can I obtain information about the "quiet enjoyment" rule of a shareholder in a New York State co-op set-up. A good definition of the term "quiet enjoyment" would also be apreciated. I'm also interested in information about the business corporation law portions which deals with rights of shareholders in a NYS co-op. I know the by-laws of the coop would have these, but need the actaul law.
With great thanks
Our co-op (condop)initiated fees payable to the co-op and to the managing company for any alterations in one's unit. I think the managing company is double dipping. Their fee is paid via monthly maintenance and now directly from any alterations. Why does the managing company needs to be paid on alterations wanted by a shareholder? Greed besets.
Our condo building continues to have problems with a renter whose 2 dogs are not house-broken and who are rarely taken out. As a result, horrible smells daily fill the hallway. The owner does not care. There have been many complaints. The management company, under pressure, sent a registered letter a while back to the tenant and owner with a fine attached. what is the ongoing responsibility of the management company vs. the board? Does NYC code address this at all, and if so, in which section?
Can anyone comment about what they know about a bill currently before congress called the Mortgage Forgiveness Debt Relief Act of 2007.
In this bill, which appears to have been recently passed by the House, and next goes to the Senate, there is a section amending the requirements that need to be met for a Cooperative to qualify as such.
In effect, it appears, this bill, if enacted into law, effectively ends 80/20 problems for many coops.
Can anyone comment on what they know about this?
In "Budget Time — Gabrielle, Wed Sep 26 5:26PM", Gabrielle suggested that I post some of our coop's information and procedures, e.g.: self managed.
I added the items about a week ago under that posting rather than a separate thread if anyone has an interest.
renovation in coop in manhattan - the contractor is listed wihtthe city (they have a permit) as one company but the workers are actally from another company that has no license or insurance (friends of a staff member) - report to 311? the coop board is totally in denial.
Under BCL 712, the Board can appoint committees to carry out Board business (I included the law below) without the rest of the Board's approval. Do you have these types of committees? Or do you have informal committees that don't have approval power, and instead make recommendations to the rest of the Board for their vote? What types of committees do you have? I have heard of Boards having Financial, Legal, Building committees. Or do you not have committees at all, and instead the entire Board just hashes out each and every issue (making for longer meetings)? Do you allow non-Board members to serve on the committees?
S 712. Executive committee and other committees.
(a) If the certificate of incorporation or the by-laws so provide, the board, by resolution adopted by a majority of the entire board, may designate from among its members an executive committee and other committees, each consisting of one or more directors, and each of which, to the extent provided in the resolution or in the certificate of incorporation or by-laws, shall have all the authority of the board, except that no such committee shall have authority as to the following matters:
(1) The submission to shareholders of any action that needs shareholders` approval under this chapter.
(2) The filling of vacancies in the board of directors or in any committee.
(3) The fixing of compensation of the directors for serving on the board or on any committee.
(4) The amendment or repeal of the by-laws, or the adoption of new by-laws.
(5) The amendment or repeal of any resolution of the board which by its terms shall not be so amendable or repealable.
(b) The board may designate one or more directors as alternate members of any such committee, who may replace any absent or disqualified member or members at any meeting of such committee.
(c) Each such committee shall serve at the pleasure of the board. The designation of any such committee, the delegation thereto of authority, or action by any such committee pursuant to such authority shall not alone constitute performance by any member of the board who is not a member of the committee in question, of his duty to the corporation under section 717 (Duty of directors).
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