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What are the procedures of transferring the duties to new officer, like: president, treasurer or manager?
Where can I find the information about this?
How do you do that transfer of power in your co-op?
Does anybody make any report about the transfer?
For example: when a new treasurer is elected, does he/she need to make any report about the financial situation as of the day he/she starts work as a new treasurer? Is there any accountability during the transfer between the old and new treasurer?
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The "powers" are defined by the bylaws. You can only modify them by an amendement approved by the majority of shareholders.
Also, you must make sure that those changes do not contradict NY Business Law. A corporation needs a President, Treasurer and Secretary ... with their respective duties.
Note: any officer can be removed from those duties with a simple board vote.
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