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Our Occupancy Agreement (Proprietary Lease) has a Section with rules on paying the monthly fee and voting rules for increasing fees. The ByLaws nowhere mention Shareholders obligation to pay their share of expenses.
The Board is considering simply moving the Occupancy Agreement clause into the ByLaws.
Is that the correct move? What is the standard form on this subject for the Bylaws, if any?
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The Proprietary Lease governs the privileges, rights, and obligations of the *shareholders*.
The Bylaws lay out how the *board* governs the co-op corporation and conducts co-op corporation business.
Two entirely different documents with entirely different purposes.
Before making *any* changes to either, especially the one the board is contemplating, contact the co-op's attorney. Without consulting your attorney for expert legal advice you could dig a hole deeper than you can imagine.
Full Stop.
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