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Hi everyone...I am a bit confused about how to levy a special assessment. Does that assessment have to be done on a percentage basis per shareholder or can it be a sum that all shareholders pay equally? I am in NYC; our prospectus does not make that very clear. Thanks.
It can be handled either way, the Board can make that decision if your Offering Plan or By-Laws do not state how. Generally it is levied on how many shares per apartment, but that's your decision.
It's on a per share basis on all shareholders of the corporation according to the law.
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In a coop, all assessments must be on a per-share basis. You can't assess a flat rate per shareholder, unless by some miracle everyone has the same number of shares.
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