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Conflict of InterestJul 15, 2009


The new board of directors of my coop recently voted to rescind the monthly fee for use of our bike room. Every one of the current board members stores a bicycle in the bike room. Since each of them has a personal financial interest in the matter, are they barred from voting on it?

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Boards set policies - Treasurer Jul 15, 2009


No.

Board members are shareholders in the corporation, right? If you applied your argument to anything financial, the Board would be unable to act. They couldn't set a budget, approve an expenditure, or change the maintenance fee.

Since there was a bike storage fee in the first place, it was the Board that voted it in.
The Board -- any board -- is charged with setting the policies of the business it oversees. If the Board doesn't vote on bike storage policies, there will be no bike storage policies.

On another note, I have to say that it's refreshing to see someone here complaining about a fee being eliminated!

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