After months of asking my coop's managing agent WHO made up our current Board, and her sending me the list which made no sense, she told me this: "The board has the right to appoint board members until the next annual meeting which has been postponed due to the pandemic."
1. Does anyone know if this is true (calling Steve247) or, where I can reference the law on this?
2. What about the fact that they did so without notifying any shareholders?
3. What about oversight?
So now, the Board is a too-tight group of buddies including two who previously served and were subsequently rejected.
• One had verbally threatened another shareholder in front of everyone (including one of the MAs) at a previous meeting. Her response to being questioned—on not doing her job as sec'y properly (e.g. never taking minutes, etc.)—was met with her saying: "I have friends. I can mess you up." The following year, the same woman was nominated by her friend but NO ONE seconded her, so she was not elected. Now, suddenly she's on the board again.
• And the other had to leave due to being in the press for sexual harassment against multiple women at his own company. HE is an investor and has never lived in the building—been renting his apartment for more than 11 years. When he was president of the board, he was so arrogantly sure of himself that he insisted he could negotiate a new mortgage/refi. Well, he wasn't able to deliver on his promise, so, in a financially compromised coop, we lost an additional $7,000 b/c that app. fee was non-refundable. Now, suddenly, he's on the board again.
To add to the issue is the following:
• At the last Shareholders' meeting, we couldn't elect a new board b/c we couldn't raise a quorum.
Please help. Informed answers, please. Many thanks!
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