New York's Cooperative and Condominium Community
At an annual meeting I asked who was the lady on the Board who I had not seen before, and why we did not have an election to replace the director. The management company stated that we did not need an election for a new director. This is a 48 unit building in Queens with the sponsor holding 10 or 11 units. Was management correct in saying that we do not need an election?
Join the Conversation Comments (1)A board member resigned. Must the board fill the vacancy
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No, they do not. They have the option to fill the vacancy, but they don't have to do it. They can wait until the next Annual Meeting and then fill the vacancy.
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Yes, virtually all By-Laws allow the board to replace a director without an election. The language in our own By-Laws reads as follows: "Vacancies in the Board of Directors resulting from death, resignation or otherwise may be filled without notice to any of the shareholders by a vote of a majority of the remaining directors."
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