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thabk you for the response. many shareholders in the bldg have approached me with these very same questions. the shhldrs have also submitted a petition to call for an open mtg prior to the first assessment in May. Are they entitled to know all of this? I would think so
They are also asking if they make the first payment of the year long assessment(maybe more)does that make them liable for the rest. On the flip side they want to know what the repercussios are for not paying and placing the money in escrow until sorted out.
your thoughts.....
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First, read or review your By-Laws regarding the power of the board to fix the budget and any additional amounts required to cover repairs, etc....Obviously, there is a need to refer to your documents so that people understand that the power of the board.
Second, a board out of courtesy should be upfront with shareholders. An open shareholders meeting helps dissipate any problems with perceptions. The board should put the cards on the table relating to the decision and shareholders, no matter how much lamentation and grinding of teeth they may do, will have to accept the decision. After all, shareholders elected them to do the HARDBALL decision.
Putting your assessment in ESCROW is a NO!!! Read your documents and find out if there is such an animal available in your case.
Again, BOARD members (who work for the advacement of the co-op) are elected for the purpose of breaking their heads in good faith to advance the business of the co-op by taking the required decisions, no matter how unpleasant or umpopular they may be. Shareholders have an obligation to question and find out understand the decision Also, they have the right to vote for the right board members and nominate themselves if they feel they have the character to make decisions that may not always be applauded.
Finally, a board that communicates and overcommunicates will get their point accross even when they know their decision may be unpopular. An open shareholders meeting is logical and good for the co-op when decisions that affect the lives of shareholders are on the table.
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