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we converted to a coop in 1986. Recently the sponsor sold an apartment to a "Investor" who now sublets it without paying the fee to the coop. This seems to be a terrible precedent and has not happened before. what should our board do to stop this?
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If the sponsor sold to the apartment to an investor who has never lived in the unit, then the investor is a "Holder of Unsold Shares" and may sublet to anyone in the world until the end of time without board approval or sublet fees. Sorry about that.
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