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Habitat Magazine Business of Management 2021

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No Shareholder Meeting in Two YearsJul 08, 2021

What steps should a shareholder take when there has been no shareholders meeting in two years? We moved into a co-op in 2019 and there has been no annual shareholders meeting or any kind of meeting. No communication at all from the board or management.

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Shareholders meeting - Pooh Jul 08, 2021

You should email the Board and your management company. It’s probably in your by-laws that you should have one each year and even with COVID they can do it virtual with Zoom.

I’m assuming the President of the board or someone on the board sends out emails on occasion.

Also what about your financial report? Have you received those though? They need to speak on the report and also shareholders should be able to ask questions.

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Reply - J Jul 13, 2021

Nobody ever responds to my emails. Yes i did receive the financial report but it was never spoke about. I cant stand this management company. Seems very shady. Got a feeling somebody on the board has to be getting a kickback because this company is terrible. Our security system keeps failing and these morons have the parking lot and entrances to the building on the same system so now the parking is always open and the front gate is open. None of the shareholders seem to care.

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No shareholders meeting - Pooh Jul 13, 2021

Look at your by laws . It has to state that you have one each year. What about an election ? You can call a special meeting/election. Contact the President of your management company either by phone or send them an email. Also knock on the President’s door of your co-op about this. Contact the security system company as to why it keeps failing? I don’t understand why co-op’s have email addresses and tell shareholders to send any concerns but they don’t answer.

You might have to also run for the board and make changes.

Is the board the same people or shareholders join once in awhile? Same people on the board for a long time to me is bad. No new ideas.

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kickback - PhilC Jul 15, 2021

Is your board of directors providing a conflict of interest report listing a kickback from the managing agent? Or a report with no conflicts of interest? Or just ignoring this requirement altogether (if so, you can add it to your list of things to harass them about).

https://www.nysenate.gov/legislation/laws/BSC/727

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