Hi, D&C,

I may have missed your exact point, but I don't see much difference.

The fact remains that board members are obligated to have contact information for the shareholders. Whether they get it from the doorman, the super, the managing agent or their own list is immaterial.

If a shareholder owes the corporation money, and is behind in his/her payments, the board has a duty to make sure that money comes in -- they are running your business, after all, and if someone isn't paying her fair share, then you and your neighbors are making up the difference. To me, that's truly unfair.

The only exception to your example depends on what you mean by a board member calling the shareholder for "his/her own self-interest." If the board member is not, in fact, trying to find out when the shareholder will pay her bill, but harassing the shareholder, then yes, the board member has crossed the line.

Otherwise, I would want my board members to aggressively collect arrears. (To put it another way, if you invest in GM and you find out that GM is letting some customers own cars for free, would you want to hold or sell your stock in GM?)

Your Proprietary Lease may indicate otherwise, but it's unlikely.

Steve