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Employee of Management Co. Secretly resides on BoardOct 16, 2019

No one wanted to run for the openings on our board this past election. There was one available seat that shareholders assumed was just not filled.

Usually there is a posting with names and positions held of the new B.O.D. this year that was not the case.

It recently came to light, unbeknownst to cooperatives, that an employee of the management company was listed as a board member.

Is this a legal and executable practice?

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Mgt member on Board - Marty Oct 17, 2019

A few thoughts...

First thing to do is check your by-laws. They probably state who can serve as a Board member. Mine state that the Board member must be a shareholder in the corporation. If yours state the same thing and the mgt person is not a shareholder, then they must be removed from the Board immediately.

How did you learn that the mgt person listed as a Board member? Just curious.

You say there was one vacancy on the Board, but no one wanted to run. In these situations, the Board usually has the leeway to fill or not fill that position until the next election.

Good luck

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> Join the conversation Comments (1)
Mgmt Member on board - NYC Oct 17, 2019

Thanks Marty, I am not at liberty to discuss how I became privy to this information.

Our by-laws do say that to be on the board you must be a shareholder in good standing and yes when there is an empty seat, the board can appoint someone until next election.

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Mgmt Member on board - NYC - peoples choice #1 Oct 19, 2019

Secret or not? The main problem is share holders don't want to serve on the board. This creates a problem in so many ways. Everyone should get involved at least once (become a board member) It's not hard to be one. It doesn't take up much time. Plus you can get involved in what is happening in your building. The most important thing is Communication and communicate with the share holders this will stop rumors. Best of Luck in running for the board.

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Mgmt on the Board - NYC Oct 22, 2019

Thanks, Great advice. Much easier said than done, especially if the current board members are determined to keep their seat no matter what Hopefully next proxy season will bring positive change.

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Depends - REAPLLC Oct 21, 2019

Is the managing agent also managing for the sponsor?
The sponsor may be entitled to hold a seat, and that would be the one the managing agent is legally able to hold.

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Mgmt Member on Board - NYC Oct 21, 2019

No, but thanks for the input.

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