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I requested a copy of the shareholders list recently and noticed a lot of the names were missing. As a former board member I thought it was odd that it was altered and not up to date. I was told by my property manager shareholders requested their names to be omitted. I know that not to be true as I was the only one to request it. I was thinking to run again for the board to try to protect our investments. Unfortunately shareholders here do not know their rights or what they are entitled to. Our board members never seen a master list or the parking list to understand the proper running of a corporation. While on the board we only received a financial report when it was time to do the budget. Please advise and thank you for your time.
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Section 624 of the New York Business Corporatiin Law states
“Any person who shall have been a shareholder of record of a corporation upon at least five days written demand shall have the right to examine in person or by agent or attorney, during usual business hours, its minutes of the proceedings of its shareholders and record of shareholders and to make extracts therefrom for any purpose reasonably related to such persons interest as a shareholder.”
You can inform your Management company and Board President that they are violating the law.
I followed the BCL procedure with a written affidavit for the master list. I got a altered copy with blank spaces because I suspected certain board members, our property manager and family members purchased apartments whole gainfully employed by the corporation . They have lowered our property rates for sales to meet the needs of their buyers. What is the best solution to my situation which has gotten out of hand? I read and subscribe to your magazine which has educated me along with attending the cooperative and condo expo for years. Most sharerholders haven't a clue of what they bought or the resources out there to inform them. Thank you!
If you've already submitted an affidavit and got an altered copy as your response, then you may have no other choice other than to hire an attorney to force them to give you the complete master list.
Good luck!
Thank you kindly for your advice and it pains me to have to go that route. But it is time for complete transparency and honesty .
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One possibility is to find other shareholders interested in running for the Board, as a slate. Flyers could be circulated stating the issues and candidate backgrounds.
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