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surcharge (not charge-back)May 06, 2008


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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