The co-op's By-Laws are clear about when the annual meeting must occur in the year. For many years the Annual Meeting did not adhere to the rules in the By-Laws. Currently a shareholder asked that the meeting be held in compliance with the By-Laws.
Management obtained input from an attorney (but has not presented an opinion letter) and says:
"... if the corp. was in fact holding meetings outside of the terms dictated, after 'x' years it becomes usual and customary to continue to hold the meetings on or about those times since that is what can be reasonably expected."
Does the past non-compliance supersede the By-Laws?
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