So this is in our bylaws and it looks like we cannot have an assessment when there is a tax rebate - without a vote. Anyone run into this? (our sponsor owns about 20%).
"So long as the Sponsor or the Holders of Unsold
Shares continue to own any percent of the then
Outstanding shares of the Apartment Corporation, the
Apartment Corporation will not impose upon the
shareholders any assessment whatsoever except by
affirmative vote of one-hundred (100%) of the issued
and outstanding shares, unless the Reserve Fund has
first been reduced to a sum of $15,000, or such sum
has been irrevocably committed for other improvements. "
input and advice needed regarding this for UWS coop. thanks. bulk arrangements with RCN, satallite, , etc. thanks!
Anyone with experience using a PEO or Professional Employer Organization? I cannot find anything in Habitat's archives. Our Managing Agent is understandably hesitant, but prospective PEO is offering substantial cost saving for health benefits policy for staff of 2 (non-union) as well as payroll service. We retain final authority to supervise and hire/fire. Any downside to outsourcing ?
Our board will send out notices for our annual meeting and anyone interested in running for the board must give notice to management a month before the meeting is held. They then state there will be no nominations from the floor.
Is this legal?
Do boards follow Robert's Rules on a president's vote or is there a different rule for condo's and co-op's. Is the president allowed to vote on all issues or is it just when there is a tie vote?
Has anyone gone through getting the NYSERDA Energy Audits? I talked to them and they dont do the audits but give you a list of partners to contact. This is the list they referred me to
http://www.getenergysmart.org/Resources/FindPartnerDetails.aspx?co=36
Seems to be a lot of construction companies so I don't know how impartial they would be, and Habitat for Humanity on the list I don't understand.
If you have been through the process who did you use and would you recommend them?
TIA
What, in general, are shareholders interested in hearing about at annual meetings?
Any recommendations for a managing agent? We are a small (under 25 units) residential building in Manhattan. New construction, fully occupied, part-time super, typical "new-building" issues. Very active board that is willing to go the distance to work closely with the managing agent and to run the coop efficiently and effectively.
We inherited our current managing agent with the building and they are unresponsive to our needs, unwilling to step up their performance, and arrogant to boot!
We are looking for an agent that specializes in small buildings and the related issues of budgets, expenses, maintenance, insurance, etc.
Any suggestions will be greatly appreciated!
I live in a condop, and the proprietary lease states that sublease require board permission and can only be up to 2 years. I have a roommate for almost 2 years. Is having a roommate a sublease?
Our Board is breaking our ByLaws in informing a SH that they cannot name a proxy to attend the SH meeting.
It is clearly written in our BL, that SH can appoint a Proxy --- and we have a 20 year history of Proxies attending meetings and asking questions. There are no qulifications for the Proxy -- or any restrictions...
Adding to this, this SH has taken a strong stance on an issue not popular with the Board, and if this matter comes up for a vote -- they would prefer not to have his vote counted.
We want a legal opinion from the CoOp lawyer, and were told that the SH have a right to ask for this, and that this is covered in NYS Coperation laws,... but fully expect the Board to nix this request...Anyone have any experience in this???
Legal definition of Proxy:
http://legal-dictionary.thefreedictionary.com/proxy
proxy n. 1) someone who is authorized to serve in one's place at a meeting, particularly with the right to cast votes. 2) the written authority given to someone to act or vote in someone's place. A proxy is commonly given to cast a stockholder's votes at a meeting of shareholders, and by board members and convention delegates.
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Do you automatically place exce4ss funds in the capital reserve funds?
Do you not separate ordinary income from capital improvements for “tax purposes” for the owners? Your CPA should be advising on this.
Do the bylaws elsewhere stipulate that there are to be several reserve funds?
If yes, then capital reserves and ordinary working capital reserves need not be commingled and should not be commingled. Again your CPA firm should be offering counsel. Thus, if there is a need for capital improvements, one can ensure that there is less than $15,000 in the “capital” reserve fund after the board commits to spend it, regardless if a contract has been signed for the capital work.
Again pass this through the corporate counsel and CPA firm.
And, maybe plan on changing the bylaws to more clearly state the restrictions and to reduce 100% to something tolerable.
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