in our prop lease (coop) it states, "as long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."
1) OK so does this mean that assessments to "meet operational expenses" that are imposed without such a vote of shareholders are illegal? our board has been imposing assessments for years for various purposes - without such a vote.
2) we have always had about 250k inthe reserve fund.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.