New York's Cooperative and Condominium Community
Is a board required to provide a list of the roles/titles each board member holds if written request is made in writing by a shareholder?
Thank you, is it stated somewhere in BCL that the positions need to be published? I couldn't find it.
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Yes, the co-op must produce a list of directors and officers for any shareholder who makes a written demand. (One would hope that any sane board would proactively publish this information to everyone, but ...) See BCL Section 718(a):
Section 718:
List of directors and officers
(a) If a shareholder of a corporation, in person or by his attorney or agent, or a representative of the district attorney or of the secretary of state, the attorney general, or other state official, makes a written demand on a corporation to inspect a current list of its directors and officers, the corporation shall, within two business days after receipt of the demand and for a period of one week thereafter, make the list available for such inspection at its office during usual business hours.
http://www.weblaws.org/new_york/laws/n.y._business_corporation_law_sec._718
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Thank you again, Mr. Tait. They did produce a list of the names of the board members, but would not indicate their positions, even upon a second request for that information.
Using the reference to BCL 718(a) we'll try again
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I am just wondering if they are required to provide contact information or addresses, Like the shareholder list, which in my case has been 0 out of 4 . I tried calling information with the listed address. it takes 4 weeks+ for mail to be returned if not delivered, but i guess i should try that, since that would be evidence.
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In my coop, after infinite number of requests, they did sent a list, but refused to publish any other info about them: no bios, no address, no email address, no telephone numbers. Except for the President, who lives in the building and has been in power for 25 years, we don't know who these directors are, or where they live (they certainly don't live here in the building).In the last General Meeting, I approached one of them, the VP, who refused to give me his email address. I also approached another one (who has been in the board since the formation of the coop 25 years ago), also refused to disclose his email address, or any other address .Omerta reigns supreme. They run this Coop as a secret society. Inscrutability and unaccountability is the law of this coop. And Gale Brewer, Manhattan Borough President, told us in a recent meeting that she will oppose any "transparency law", because if they pass, her friends "will not serve". That's a good idea. Good riddance of these cowardly directors! Who knows what crimes they are hiding under the covers of their "secrecy laws". They should wear hoods like the KKK. Jerry Grosof
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are you sure that is what she is referring to? She is a supporter of the ombudsmen act for coops.
There is another law for coops concerning making the coops divulge why they rejected a buyer. Many boards are concerned it will just open up the lawsuit market, subway ads saying " rejected by coop call 1800 TheyStink
I really doubt she is against any transparency as far as finances and who the board members are and what their contact info is, i will check
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At last our board published the list of D & O. However, they have manufactured some new titles, one of which is "Co-President" for the entrenched President who the rest of the board tried to cycle out of that role.
Our By Laws say "the officers shall be a president, one or more vice presidents, a secretary and a treasurer".
The ex-Prez now is both Treasurer and Co-President. They also have a new role called "Spokesperson".
Does this invented corporate title have any meaning? Might it cause confusion or undermine the President? Does it put the corporation at any risk?
What concerns if any should we have about their creativity?
Thank you
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I am on a Condo Board. Our building had a lot of problems in the past but finally we have a great group on the board. Trouble is our current President no longer wants to be President. Building residents, ring her bell, come by unannounced for minor problems and when we try to collect later arrears even through our condo lawyer since they know she is President they harrass her. That said she no longer wants the job. No one else on Board wants job. Everysingle person in building was offered to be on board and only five folks wanted to be on board and all five folks are on the board.
Question is now what. Some board members think let managing company handle all regular stuff and big spending decisions or collection of arrears etc we all agree together. That way we all share responsiblity and no one person AKA President gets the blame.
In New York State how does this work? Can we do this? Also what happens if no one wants the job.
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You are required by law to make those positions public.
You want shareholders to know who is the President, Treasurer, etc ...
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