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Board meeting minutes - Elisa Mar 20, 2023

As a fairly new owner of a condo, after settling into my apartment I realized I'd never received or seen minutes from board meetings. I asked about this, and one member said they just chat informally, by email or phone, when issues come up. Is this allowable? Can I request that they meet regularly, take notes, and keep the building informed of what they have been discussing? thx.

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I guess this question is somewhat obvious, but I would still appreciate any insight from others who've dealt with apathetic Boards.

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At a bare minimum, the attorney who handled your closing should have requested at least 1-2 years of monthly minutes as part of their due diligence. Ask them for a copy.

If your attorney allowed you to close without a review of the minutes or a good reason why he couldn't review them, I don't think he did an acceptable job for you. I don't know what the legal standards are for a proper review of co-op documents, financials, and minutes, but there should have been something he could look at and give a copy of to you.

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> Join the conversation Comments (1)

Thank you - that is good to know.

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Suddenly narrower hallway - BrooklynRose Mar 19, 2023

I was just elected to my condo board in Brooklyn. About a month ago I returned from a work trip and the hallway leading to my apartment was suddenly 15% narrower. Very surprised since I was never notified beforehand, I spoke with the building manager and he explained that a few units (including the board president) wanted to run mechanicals to the roof for air conditioning and other services and the “bump out” was necessary to accommodate the new service lines. Not only does the new hallway look narrower (more like a tenement than a luxury condo), but it will be much harder to get furniture in and out of my apartment because of the reduced turning radius. It is also much tighter with a baby carriage and groceries.

As a new board member I raised concerns that a portion of the common element was “occupied” for the benefit of specific unit owners. The board president explained that he personally paid for installation of the new wall and that the new “service” space could be used by other units owners in the future if they chose. Also, no fees were paid by the unit owners benefitting from this additional space, it was “gifted” to them. Are Boards allowed to have individual units owners alter the common elements such that the space is no longer usable by al all residents?

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It's my understanding that since the halls are "common elements", and change to the ownership of any part of a common element requires a shareholder vote. In these instances, no special status or privileges are conveyed to board members and board officers. They are treated the same as all shareholders.

It's my gut feeling that what the president did by arbitrarily appropriating a part of a common area, even if they paid for the space and improvements out of their personal funds, is not allowed.

My suggestion is to hire an attorney to review the co-op's foundational documents and advise on how to proceed. It would be helpful if you could get other affected shareholders to split the cost. Unfortunately, since you raised the issue after the additions have been completed, you may have to bring a court action to have anything reversed. This is not cheap. The attorney you hire will advise you.

Something else I just thought of. Measure the width of the hall at the narrowest point and research if this is smaller than fire and building codes allow. If the FDNY decides it's an unsafe condition, the dispute becomes your building vs the FDNY and Dept of Buildings and you can remain out of the action.

Good luck.

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> Join the conversation Comments (3)

Hi

You should double check that your condo/building didn’t pay for this? Check the monthly financial reports now that you’re on the board. Also did they need a permit to do this? Who did the work?

The fact that it wasn’t communicated to you and it affects you is wrong !

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Hallways are a minimum of 3 feet wide, an Engineer should have been retained to get drawings submitted to the DOB and approvals and have permits pulled, Cover your bases and exposure to lawsuits, Definitely a means of egress concern plus the, C of O " Certificate of Occupancy. Action is required.

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> Join the conversation Comments (1)

Also check the monthly board meeting minutes. All this had to of been discussed multiple times and a Board vote should have taken place to do this project.

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> Join the conversation Comments (1)

Per: "If the FDNY decides it's an unsafe condition, the dispute becomes your building vs the FDNY and Dept of Buildings and you can remain out of the action." ... Keep in mind that if it doesn't meet FDNY safety standards, your coop can/will get fined. That's an issue between the FDNY and your coop or board. And unfortunately, fines that fall on the shareholders. ; (

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The overall footprint of the shareholder's property increased too there could be a cost associated. Flipside common areas shared by everyone is more of an issue no dought.

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Board of Directors Code of Conduct / How is it that 2/3 of the Directors can remove another ? - Gouverneur Gardens Mar 13, 2023

BOARD OF DIRECTORS’ CODE OF CONDUCT
1. Directors of a Housing Corporation have a fiduciary duty to act in the best interests of all shareholders of the corporation. They have the entire charge of the property, interests, business and transactions of the corporation.
2. At meetings, Directors should cooperate as a group in reaching a decision in the best interest of all shareholders. Each Director shall be encouraged to express their personal opinion, but all Directors shall respect the ultimate decision of the Board.
3. Directors should make every effort to attend Board meetings. Absence from three (3) consecutive meetings of the Board without being excused, shall be deemed a notice of resignation from the Board.
4. Directors must not place their personal interests or the interests of a small group of shareholders above the interests of all shareholders of the corporation.
5. Directors acknowledge that the deliberations of the Board often contain personal information or financial information which is confidential. Directors should not discuss the deliberations of the Board or individual shareholders’ personal or financial information with anyone other than Board members, unless authorized by a vote of the Board.
6. Directors set an example by their behavior for other shareholders of the corporation. They should at all times act civilly towards one another, towards the corporation’s employees and towards its shareholders. A Director who shall persistently disrupt or engage in objectionable conduct at a meeting of the Board shall be subject to immediate removal from such meeting by the affirmative vote of two-thirds (2/3) of the remaining board members in attendance.
7. Directors are charged with the responsibility of conducting the business affairs of the corporation. They may not ignore this responsibility or delegate it to shareholders who are not directors.
8. Directors must keep reasonably informed about the business affairs of the corporation. They may rely upon the advice of management, experts and professionals when acting on behalf of the corporation.
9. Directors are required to act in accordance with the law, may not engage in wrongful conduct, and may not overstep their authority. Directors should be mindful that that they set an example by their behavior for other shareholders of the corporation, and are perceived by shareholders to be acting on behalf of the corporation. Accordingly, Directors may not take any action on behalf of the corporation without the express authority from the Board to do so; and when acting in their personal capacity, Directors must make it clear that they are not acting on behalf of the corporation. Directors are required to act with the degree of care that a reasonably prudent person would exercise in the same circumstances. A Director who engages in any illegal or objectionable conduct may expose the Corporation to liability and may be personally responsible for his/her actions. The Corporation will not indemnify the Director for any such behavior.
10. Directors may not offer, solicit or receive, directly or indirectly any commission, bonus, gratuity, fee or any other payment in connection with their position on the Board. Violation of this paragraph shall be deemed a notice of resignation from the Board.
11. Directors shall cooperate fully and faithfully with any investigation, audit or inquiry conducted by any governmental agency or authority that is empowered directly or by designation to compel the attendance of witnesses and to examine witnesses under oath.
12. Directors elect the officers of the corporation who are responsible for carrying out the duties of their office as set forth in the by-laws.
13. Directors may serve on standing committees of the corporation. Committees are created by the Board. A committee does not take corporate action; its purpose is to report to the Board, which then may act upon the committee’s recommendations. Directors are to assist committees to carry out this duty and such other functions as may be delegated to the committee by the Board.
Received on  by Date
Signature of Director

> Join the conversation Comments (2)

What is this and where does it come from? I do not recognize it as any of the official co-op governing documents. What vote or other means of adoption gives it any legal standing? Has anyone checked to see if any part of it contradicts the Proprietary Lease or Bylaws?

Has an attorney reviewed the contents of Code of Conduct and opined they are legal and binding on board members?

This appears to be an attempt to supplement or circumvent the PL and Bylaws, which can cause huge problems if a decision or action taken on their behalf is legally challenged.

If not already done so, I *strongly* suggest you ask your board attorney if they have any value whatsoever.

As far as I am aware, since board members are directly elected by the shareholders, only a majority or super-majority of shareholders can remove a director, and only at a special meeting requested by a defined number of shareholders. If an attempt is made to remove a director that is not 100% compliant with the PL and Bylaws, the director can sue, and you really don't want to deal with that.

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Steven - You're correct about the ways to remove a member of the Board, but there is one other way - if the By Laws are amended (passed by a 2/3 vote of the shareholders) to allow removal by a majority vote of the Board - **but only with legitimate good cause**, which may include, but is not limited to...

- Breaching confidentiality
- Not acting in the best interest of all shareholders
- Making prejudiced/racist remarks towards s/h (including Board members)
- Not acting in a sound fiduciary manner
- Falsely accusing other Board members, management, accountant, of
financial impropriety

What is considered *not* good cause? A personal dislike of another Board member or disagreeing with another Board member's opinions and viewpoints.

This amendment to the By Laws was passed in our co-op after some outrageous behavior by a Board member.

We felt it was important to have this option because if a Board member goes rogue, the co-op's ability to make sound and confidential decisions on behalf of the s/h will be compromised. If it takes weeks or months to have that special meeting of the s/h to discuss/decide the matter, the co-op might be irreparably harmed.

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I just read through the entire Code of Conduct, and the Subject of your post is very misleading. The CoC only mentions removing a board member from a board meeting, and not from the Board of Directors.

I suggest in the future you limit your posts to just the relevant parts of a document and not reproduce the entire document, and that you include a narrative at the beginning of your post describing what you are hoping other posters in this forum can help you with.

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Creating contact information for all residents in Condo - Elisa Mar 12, 2023

There is no listing of, or contact information for, all residents of my small condo (only for the owners). The Board and management company assume owners will relay relevant information to their roommates/subletters. At most, those who sublet their apartments provide the names of their subletters (without phone numbers or email addresses) to the owners. This is an issue when information needs to be disseminated quickly, e.g., gas leaks, or security incidents such as suspicious people entering the building when residents buzz in strangers. At the least, I want board members/ the management company to be able to relay information to all residents in emergency situations rather than relying on owners (who may live far away in different time zones) to contact residents in a timely manner. Any suggestions?

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Unit owners are not entitled to know who lives at a condo in a nutshell. It is a privacy matter. The boards duty is to protect the financial interest of the corperation. I would assume the property manager and board do send out broadcast regarding issues such as the ones you have listed. Many boards do have the sublets contact information. But even then, any official communication from the board can come back to haunt them.

It is your job to lock your door at night. Not the boards. If a unit owner leaves their door unlocked they only have themselves to blame.

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I see your point about Boards needing to be very careful in what they, and/or the management company communicate to non-owners, but I''m also encouraged that some condos do have a listing of all residents. Regarding letting strangers into the building, my point was that it may have been a subletter who let the suspicious person into our building. There seems to be quite a knowledge gap between the owners and the subletters.

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Form a commitee and do some type of meet and greet and introduce yourselves but to control who comes in and out of the building?
Get a doorman would be the next best option and cameras.

You could say that its in the corporations best interest to know who resides in the building but this question should be put infront of a lawyer.

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I totally agree that management and the Board have contact information on ALL RESIDENTS in the building. We (187 units) have just circulated a contact information form for all residents, to include sublets. We just had a gas leak and was not able to reach all persons in that line of apts. Thankfully no one was injured, but moving forward this should be the norm. No sense in coulda, should, woulda, after something happens when it possibly could have been prevented by a contact list.

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Mitchell Lama Proposed Changes HPD Hearing Scheduled for March 14th 2023 - Gouverneur Gardens Mar 08, 2023

Here are my comments on the proposed changes HPD will hold a Public Hearing Scheduled for March 14th from 10 am to 11 am

Manny Cartagena

Page # 3 paragraph # 7 – Require the Housing company to remove any of its onsite employees where any such employee has violated the Private Housing Finance Law and/or applicable rules and directives, consistent with any internal grievance procedures -I questioned whether this includes “Union Employees like 32bj ? ” Many are not familiar or knowledgeable in Private Finance Laws and Procedures including Management. I object to this unless adequate training or information is given to all employees prior to enacting it.

Page# 3 paragraph # 10 Require the Managing agent to notify HPD if the housing company makes payments to and /or incurs charges from any vendor or service provider that in the aggregate equal or exceeds $100.000 in any twelve-month thereafter prohibits further charges to be incurred without the prior written approval of HPD.

” I totally agree with this change and should be enacted without objection. Board Directors and the Managing agent need to be accountable for every expense authorized by them.

Where it reads: Prohibit the housing company attorney or account from serving as the election monitor.

I object to having the housing company’s attorney or accountant monitor the election instead of having an independent company handle the election process in its entirety.

Where it reads: In the event that any Director /Officer, Shareholder, employee, or agent of any housing company shall be directly or indirectly connected with any person, firm, or corporation which may submit any bid or to whom any contract is proposed or awarded shall be part of the minutes and submitted to HPD .

In favor without objection to this ruling.

I agree that all Directors go through essential training with HPD

I agree with the insertion to the website of the redacted Board contracts and essential information.

I agree with HPD’s having rate of pay and staffing information.

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Question about board/mortgage - Co_Op Owner Mar 06, 2023

Looking into the finances of my co-op in NY and I have a question about whether the financial conduct of our board over the last 25+ years is 'typical'. According to the annual financial statements, the board has taken out 2 ten year mortgages and each time, they have transferred the money (a little less than $1MM) to the cash/reserve fund and have slowly spent it over the ten year life span of the mortgage so that when they refinance and get a new mortgage, the 'cash/reserve' fund gets replenished with more money.

They are not paying down the underlying mortgage (currently they are only paying the interest of a 10-year mortgage) and the mortgage debt has increased with each new 10 year mortgage.

Is this normal for a co-op board to do so? Does this raise any red flags?

Thank you!

> Join the conversation Comments (2)

What you describe is how most co-ops refinance their mortgages every 10 years. Each time, if extra cash is taken out to replenish the reserve fund, the principal amount needing to be refinanced increases.

I recommend that instead of a new 10-year interest-only mortgage, you look into a 10/30 mortgage. The mortgage term is still 10 years, but a little bit of the principal is also paid back as if it was a 30-year self-amortizing mortgage.

Ask your lender to calculate how much you have to repay each month so that the principal remaining at the end of 10 years will be the same as in the beginning. Remember that the more cash you take out, the more you have to repay, and the larger the monthly payments.

I hope this helps.

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Thank you Steven, that is insightful. Is it just me or doesn't it seem like a co-op is just a scam/ponzi scheme?

If this is typical for a co-op...what happens in the long term if they just keep borrowing more money? Like what about it in 30-50 years? How is this sustainable?

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> Join the conversation Comments (1)

This is a very good question, and I honestly don't know the answer. I don't think anyone thought that far ahead when the majority of co-ops were formed in the early 1980's.

Another looming issue facing co-op boards is the expiration of the Proprietary Lease. Check the first or second page of your PL. There should be a hard expiration date, which was required when the PLs were first approved.

If the expiration date is less than 30 years from today, new purchasers will find it increasingly more difficult to obtain 30 year mortgages. Why, because when the PL expires, the Co-op corporation will cease to exist and the shares in the corporation (i.e. the mortgage collateral) will have zero value. Banks are reluctant to underwrite mortgages where the collateral can be worthless. ;-)

For boards that haven't done so already, you should have a discussion with your board attorney to find out what they recommend. There are a number of ways to avoid this which is why your attorney needs to be consulted.

I wish Habitat would do an article on this so more co-ops aren't caught unaware.

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Thank you for the insight. Another good article would also be about co-ops who have paid off their mortgages - if this exists?

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Banning all ebikes, scooters, etc - DM Mar 01, 2023

Our coop has just banned everything with a lithium battery. Entirely. Form anywhere on the premises even inside apartments.
Comments?

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Cellphones have Lithium batteries. I hope you have a durable suit of body armor and a good helmet... :-)

I totally get the dangers large and irresponsibly repaired LiON batteries pose, but there needs to be some leeway. Read up on the regulations being proposed by the Dept of Buildings and the FDNY for guidance. My building is struggling with the same issues. Our managing agent is working on something for all their buildings.

I wish I had more details to share, but this is a relatively sudden development. I hope some of the other posters on here can add to the common wisdon.

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I'm sorry I can't add anything to the conversation. I too am looking for an answer. We have just banned e bikes in the garage. Only one person has requested an exception. Now I'm thinking he has put the e bike in his apt. NOW WHAT?

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Our building is in the same boat. As Steven424 noted, you can't ban lithium-ion batteries outright, as they are the common rechargeable used in practically everything - including the laptop computer on which I am typing this.

At the same time, we can't count on the City Council to do anything meaningful to protect us. They have just passed some timid and naive bills that are unlikely to have any real effect on the problem. See this article, along with the comments at the bottom that point out the painfully obvious holes: https://gothamist.com/news/council-cracks-down-on-lithium-ion-batteries-amid-spike-in-e-bike-fires

Our board's current thinking is to ban eBikes and eScooters outright, with no exceptions, and regardless of where in the building they are stored. The risk is just too high. We're looking to do this very soon. We're also working with our managing agent to see what plans they develop for their other buildings.

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Are sponsor rights transferrable? - Marianna Feb 27, 2023

I own a cooperative unit in Brooklyn. A year ago, the original sponsor of the building sold his outstanding shares (51%), which he held on to since the building turned into a coop in the 1980's, to a single buyer. The buyer has assumed the role of "sponsor".

My question is this: Are sponsor rights transferable? Did this sale require review or approval from the AG's office? There are no amendments on file with the NY REFB.

> Join the conversation Comments (1)

This is a difficult question whose answer depends on the precise circumstances. Different courts have reached different opinions over the years. Google the case law on "holder of unsold shares," which is the advantageous position that sponsors want to preserve. A couple of observations (note that I AM NOT A LAWYER):

1. If the new owner lives in an apartment for even a day, the owner is no longer a holder of unsold shares for that apartment.

2. The Offering Plan is given precedence in most court decisions, even if the coop's governing docs say something else.

Check out Sassi-Lehner v. Charlton Tenants Corp. for some insights. Here's a good summary: https://www.lawpipe.com/New%20York/Sassi-Lehner_v_Charlton_Tenants_Corp.html

Again, you need to consult a lawyer on this. It's a very complex issue without a generic answer.

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Board of Directors - Sponsor participation - mr.gardenz Feb 22, 2023

Does a Sponsor have a designated seat on the Board of Directors? At an Annual Election, are individuals
who are affiliated with the Sponsor permitted to be candidates for election to the Board? Is the Sponsor
permitted to vote their Shares in an Annual election?

> Join the conversation Comments (1)

If I remember correctly the sponsor should make every effort to sell all their shares within five years of when the operating plan is approved.

Suggest you check with your board attorney because my memory is not clear on this

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Hi
You have to go to your by-laws for your co-op. In my old co-op the sponsor was the 7th vote/director. Also as per our bylaws anyone could be on the board because it wasn’t written up specifically indicating that you had to be a shareholder or even live in the building but it did state you had to be a shareholder to be the President of the Board. My new co-op states you need to be a shareholder. Also the sponsor would also vote at the annual meeting in my old co-op but not the residents that rented the sponsored units.

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How can we motivate shareholders to care about their investments? - Unosay Feb 10, 2023

Cooperatives may have been created as a form of affordable first time homeownership but how can we maintain them today? Shareholders haven't a clue as to what they bought and educational forums should be given to introduce them to the benefits as a investor. We cannot move forward or voice our opinions if we can't get a quorum for years. Our Board makes decisions about how our money is being spent without informing us . Dual boilers were installed with the set up outside the front windows of a elderly resident in front of the building. It looks hideous!! Could that jeopardize her health if fumes leaked out ? Governor Hochul would like to phrase out gas so where would that leave buildings that converted to dual boilers to save money. Where can shareholders get information to help fight to protect our investments without hiring a lawyer? We are left out in the cold because we have no where or any one to turn to. Please don't advise us to turn to our attorney!!!

> Join the conversation Comments (2)

I know this is going to sound flippant, but it is really intended to be a serious response.

Join the board. Have like-minded shareholders also run for the board. If you and your slate of candidates are elected, not only will a lot of your rhetorical questions be answered, you will also have the *power* to do something about them.

You motivate members of an organization (in this case, shareholders) to take some action by constantly showing them why it is essential for them to take action. Your Bylaws should give you the right to request a list of names and addresses of all shareholders. Send a form letter to each and every one explaining what you're trying to do and why.

Set up an email distribution list of as many shareholders who will give you their email address you request in the form letter above. Doesn't have to be anything fancy and you can set it up very cheaply. If something comes up you feel is detrimental, send out an email blast. Just be very careful about dealing only with facts. Do not get argumentative or ascorbic. If you're going to offer an opinion, state it calmly, clearly, and factually.

You stated very clearly, "We are left out in the cold because we have nowhere or any one to turn to." Yes you do, turn to yourselves! Sometimes an investment needs to be protected with time and sweat.

I also believe there are sections in the Business Corporation Law (BCL) that deal with boards that for one reason or another have not had an election for a certain number of years. This will probably require an attorney's help.

Best of luck to you.

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Thank you ever so kindly for your time and answer.

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First, study the past few annual financial reports. Send any questions about finances or building operations in writing to property manager and board and request response within # of days. Invite other shareholders to form a committee and ask board to participate in building decisions as an auxillary committee. If you show good intentions and willlingness to assist the board, they will probably welcome you.

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