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Does a Sponsor have a designated seat on the Board of Directors? At an Annual Election, are individuals
who are affiliated with the Sponsor permitted to be candidates for election to the Board? Is the Sponsor
permitted to vote their Shares in an Annual election?
Hi
You have to go to your by-laws for your co-op. In my old co-op the sponsor was the 7th vote/director. Also as per our bylaws anyone could be on the board because it wasn’t written up specifically indicating that you had to be a shareholder or even live in the building but it did state you had to be a shareholder to be the President of the Board. My new co-op states you need to be a shareholder. Also the sponsor would also vote at the annual meeting in my old co-op but not the residents that rented the sponsored units.
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If I remember correctly the sponsor should make every effort to sell all their shares within five years of when the operating plan is approved.
Suggest you check with your board attorney because my memory is not clear on this
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