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At our previous Board meeting, it was decided by the majority of the Board that a 'petty cash' account be surrendered to the Property Management Company for monitoring and distribution. It is currently being "held" by the President of the Board. According to the Property Manager, the President has yet to relinquish the bank information, as the President feels that 'she shouldn't have to turn it over".
Other than removing the President from her position via Board majority vote, can the Board or coop file charges against the President for theft or possession of corporate property?
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If the majority of the Board voted on this, your biggest issue may not be the issue itself, it may be the majority of the board. Have you thought of getting a few good people together and taking over the Board? Proving theft seems like such a short-term solution, and if you want to own and live there, perhaps taking a long-term, big picture solution and converting the building into an honest, transparent, well-run property would be a better one? Just a thought.
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