MY QUESTION REVOLVES AROUND LITIGATION WHERE COOP CORP IS BEING SUED ,,,, DOES THE MANAGEMENT COMPANY OR BOARD HAVE A FIDUCIARY RESPONSIBILITY TO INFORM THE SHAREHOLDERS OF THE CORPORATION OF THE CLAIM AGAINST THE COOP ONCE FILED IN COURT, AND GIVE THEM THE POSSIBLE RAMIFICATIONS TO THE SHAREHOLDERS? AND IF THEY DO HAVE RESPONSIBILITY, DOES THIS ALSO GO TO ANY PROSPECTIVE BUYERS BEING INFORMED OF THE ISSUES (AND IF INFORMED, GIVING AT LEAST AN OPINION BY THE COOPS LEGAL REPRESENTATIVE THAT THE COOP IS PROTECTED THRU INSURANCE, OR POSSIBLE FINANCIAL ISSUES THAT COULD OCCUR?) I BELIEVE THEY DO HAVE RESPONSIBILITY AND THE NYS ATTORNEY GENERAL, WHO HAS OVERSIGHT, MIGHT ALSO STATE IT SHOULD BE DISCLOSED.......... BUT I AM LOOKING FOR GUIDANCE HERE.... THANK YOU
> Join the conversation Comments (1)Our board is debating a major construction project. There is disagreement about how quickly to proceed. At our last meeting, the vote to begin spending on the project passed by a slim margin, 4-3. The dissenting board members requested that the description of the discussion in the meeting minutes include their counter-arguments. I am the secretary and I agree, but wanted to ask the community for their thoughts. thanks KAK
> Join the conversation Comments (1)I am the Board President of my coop. Can I do a walk-through with a potential contractor and request a bid to present to the board?
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Board president here. I want to know how other buildings handle shareholders who get to the top of the garage waiting list but don’t have a vehicle.
It has reportedly been the (unwritten) policy of this building to require such shareholders to a) get a car, b) take their names off the list, or c) go back to the bottom of the list. However, recently a shareholder (and board member) was “shocked” to learn this and maintains that “most buildings” just allow such shareholders to remain at the top of the list. They would then be the first people offered every successive open spot until such time as they would finally like to buy a car. This person just so happens to have just gotten to the top of the list and doesn't have a vehicle, so I'm looking for some disinterested corroboration of this claim.
Anyone have experience with this matter?
I can’t think of a reason that allowing people to just remain at the top of the list forever would affect the fairness of the process (at least for those who join the list now - those who've already given up a space or declined to put their names on the list because of past policy might take issue with a change).
However, I can also see that it could become an administrative nightmare. And for some reason the idea makes me uncomfortable. it seems wrong somehow - but, like I said, I can't think of a good reason why.
Any thoughts or policy examples would be greatly appreciated.
When I purchased my co-op I was never given a copy of the bylaws, the proprietary lease or the certificate of incorporation. A while back I started asking the managing agent for them and he basically refused to send them to me. I email him about it several times & even asked him in person at our shareholder’s meeting and 3 years later I still don’t have them. I also asked a board member about it when I saw him in the lobby one day. His response was “oh we’re rewriting the bylaws but I’ll look into it”. I finally asked the managing agent for the name & contact info for the co-op attorney so I could send him a letter but was told I’m not entitled to that information. I finally wrote the board and the president’s response was again I’m not entitled to that information. I tried contacting the NY AG’s office several times but they never returned my calls. Any suggestions as to what I should do short of a lawsuit which I can’t afford to bring?
> Join the conversation Comments (2)That shareholder as right to store furniture in the basement without talking to the Board or SuperThat shareholder has the right to store furniture in the basement without consulting the Board or the Super.
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Hi,
New member here. I have a condo in Massachusetts on Cape Cod that I purchased Oct 2023. My question is regarding a zoom meetings. The yearly meeting is held the weekend of Columbus Day. I understand for an owner that they have never held a Zoom meeting. Not sure how that worked during Covid, but my question is: Do meetings legally have to have a zoom option for those who cannot attend. I will not be able to attend this meeting and will give my proxy to a neighbor in case of a vote, but would not need to do that if there was a zoom option. Is this legal to NOT have Zoom as an option.
Thank you for your time. I'm sure I'll have other questions regarding the running of this association as it seems there is one person who runs the show with a board who backs her ups
Our small village, Kensington, NY, where our co-op, built in 1965, is the only multiple building in the Village, just passed a local law that requires a license application and extensive self-certified documentation they say is required under the NYS Multiple Dwelling Law. The fee for this license is $1,500 plus $100 per unit (96 units) every two years. This $ 10,000 license fee is unreasonable, excessive, and does not reflect any costs the village could have in administering the license.
(If we do not comply, by September the fine is $20,000.) We are afraid that additional money-grabing licenses could be initiated such as for the pool, gym, etc. Please, any ideas would be appreciated.
When we have an annual meeting our board/attorney don’t take minutes which I find strange. If someone can’t make the meeting or even if you’re present and want to review what was discussed nothing is documented or distributed to the shareholders. I’m sure it’s a bit of just being lazy or they think if it’s distributed that someone might challenge something after the fact.
Oh I was also told by our managing agent that they don’t need to send out the financial report even after the meeting unless a shareholder asks. In other words there’s no legal reason that they need to send it out.
Your thoughts please.
I thought it was 2024!!!
Hello, my community has had a mouse/ rat infestation lately. Many shareholders have complained... The exterminator will put glue traps in the apartments but does nothing outside. There are Rodent bait stations outside but the exterminator said it is not his job. Does anyone know who is responsible for the maintaining those stations?
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My advice would be to ask the attorney who is handling the litigation on the co-op's behalf before taking any action, especially before making any information public. Even if something sounds totally innocent, publishing *anything* before getting your attorney's approval could do much more harm than good.
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