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hi treasurer,
is it legal to just plunk on a fee like that? without it being in house rules etc? we also have had a 19% mntnce in crease in the last three years so shareholders are restless.
oops! i was replying to a different thread -- sorry ... anyway:
Check your bylaws. What do they say about a surcharge? Or one-time fee? I'm no lawyer, but I don't see why a corporation should be prevented from raising money under N.Y. State corporation law. Sure, it's using a loophole to your advantage, but if it's the board's decision that you need the money to stay in the black, you have the authority raise the funds.
As mentioned in my mistaken response, check with your lawyer (or property manager) for more info.
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I'm not a lawyer, so don't take this as legal advice!
But just you would charge a shareholder for other work -- such as an emergency leak, where the super calls a plumber & the plumber bills the co-op -- you can certainly charge for this.
I'd urge you to call your lawyer first if you want his/her opinion.
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