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At our most recent annual shareholders meeting we were handed a list of 5 names for the vote (the same players year after year. Prior to the vote I asked for clarification as to what position each would occupy. Well 3 people on the board were just on the board. One person was the secretary and another individual was both the president and treasurer, no VP. So I told them that I was not comfortable with the way the board was structured. Well the response to this was hostile from the other shareholders. Then at the end of the meeting I asked the board if it was the bank the president was employed by (he is a banker) that did the refinance for the co-op. Another shareholder had told me this was the case, and I wanted to find out if the info was correct. Well one of the non position BMs went into a very dramatic fit. It was so bad that I said "its a question, don't have a heart attack. Well me thinks he protests too much and I don't trust them because of prior transgressions. Also i had some questions they refused to answer, telling me to write a letter with my questions. I would like to hear from board members in other buildings to find out what they think of the way things are being run here.
Join the Conversation Comments (1)I never accused anyone of fraud. I inquired because that was the RUMOR. As far as forums go the only opportunity to speak with board members is at the shareholders annual meeting.
I never accused anyone of fraud. I inquired because that was the RUMOR. As far as forums go the only opportunity to speak with board members is at the shareholders annual meeting.
My coop has annual elections, since no one wants to run, usually the current board gets re-elected. After the election, the board decides who will hold which position. In the event a board member resigns or sells and moves, the board may appoint a temporary member until the next election, depending on how soon the next election will be. In NY State, the Department of State requires an annual corporation registration, available on line here: http://www.dos.ny.gov/corps/bus_entity_search.html
and it should show minimal data for your coop corporation. The coop bylaws should provide information on board structure, it should state the size and it may state whether or not a member can hold more than one position, or there may be some restrictions. If you want to see changes happen or see how the board runs, run for the board.
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In some Coops you only get voted onto a board at the meeting and the board itself elects officers. The President should not also be Treasurer. But if only two people offered to be officers than one person wears two hats. My board of 5 we have three members who refused to be an officers. We have a President, Treasurer and appointed someone from Management company Assistant Secretary to take notes at meetings which whole board approves.
Honestly, if you asked that question at a meeting I would first ask do you want to run to be on the board. If you said now I would then ask you to contact me or management company after meeting. You accused the President of fraud at an open meeting. It may or may not be true but that i not the forum. My board is completely honest and work had and half the board on a regular basis wants to quit as it is a ton of work and they would like to free-ride like the owners not on the board.
i am more than happy to create sub-committees. For instance we picked a new landscaper, did an RFP, interviewed them all, checked insurance went to other buildings they did and got references. One person was even questioning that. We quickly brought up we are going to do same process for snow renewal contract would you like to be in charge. They said no thanks. The rest of crowd rolled their eyes.
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