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FinesSep 28, 2007


The Board is considering giving me a fine. Can a board do this? Fines are no where written in the proprietary lease, house rules, and amendments. Also, I thought fines must not only be mentioned but their amount must be stated and attached to the type of infraction (if there was any) claimed. Also, aren't fines enacted by shareholder votes and not the board?

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Re: Fines - AR Sep 28, 2007


Most all these questions are and should be answered in your legal documents.
Typically, the Board does have the right to institute fines and a fine structure. Usually these will become amendments to the House Rules. Sometimes the amount imposed will vary depending on the severity of the infraction, so the exact amount may not always be written.

You should have received a letter stating that you are being fined in accordance with XXX Rule in the amount of XXX for XXX infraction... or something along this order.

~AR

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Recovery Charges - AdC Sep 28, 2007


Also, there is such a thing as "recovery charges" for acts or omissions of the shareholder that had to be covered financially or otherwise by the Lessor or co-op, including legal charges.

So, make sure you are not given a "recovery charge."

AdC

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