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If someone is convicted of defrauding people in a home-equity stripping scheme, could they still serve on the board of directors?
Unless your corporate bylaws prohibit criminals from serving on the board, they're permitted. Which makes me think that such a prohibition would be wise to add to my co-op's bylaws.
Let me get this straight: He or she has been CONVICTED ... and that isn't enough to make the voting shareholders consider the person unfit?
What kind of building is this? Does it have bars on all the windows, towers with armed guards, and a warden's office?
Seriously, what kind of job are you doing communicating this to the shareholders? Are the shareholders seriously OK with this?
What if the sponsor still owns over 60% of the shares? As is the case in our building, he casts his votes for whomever he wants... Maybe we need you on the case, Elliot Ness :)
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