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Pur prop lease (co-op) it states:
"As long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."
anyone?
you need to provide some facts to answer and while this one sentence from a prop lease is pretty clear, there may be some conflicting language elsewhere in the lease.
but this one sentence says to me that assessments are possible. If the sponser owns shares one is possibles when the reserve fund is under $15k, or is otherwise committed to other improvements. If 100% of the shares are owned by new shareholders (ie the sponsor is gone) then (probably) the Board can assess whenever it feels it has to.
Hi Alan, in our case, the sponsor has about 30% of the shares.
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Ned - You need to talk to an attorney about this. If you rely on any advice you receive on here for this matter (except from an attorney), you'll get what you paid for it
Good luck!
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