A new Managing Agent was recently hired by the board of a large NYC coop. Some shareholders are unhappy with the performance of the board and the new Managing Agent.
At the annual meeting the board members who hired the new Managing Agent also appointed them to act as the exclusive Inspector of Election. In this capacity the new Managing Agent / Inspector refused to make the results of the election available for review and would only announce the "winners" of the election (which happened to be the same board members who hired the new Managing Agent).
This behavior appears to violate the coop’s by-laws and Section 610 of the Business Corporation Law, but the controlling board members and Managing Agent insist they have the right to act in this manner. Shareholders who ran in the election but were told they “lost” have no way to examine the results and feel disenfranchised. Any thoughts on how to address this matter would be appreciated.
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