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Can a Board pass a resolution that in effect changes the terms of the proprietary lease, then not formally change the lease? Is that decision then enforceable?
Our lease states window repairs are not the responsibility if shareholders. But supposedly the Board voted years ago to make it shareholder responsibility, but the lease was never changed.
Thsnk You, I read paragraph 6. I'm confused, though, about the first part that mentions a two-thirds majority. When does that apply?
Thank means a 66% majority is needed to change anything in the proprietary lease.
Paragraph 6 mentions two-thirds for one lease issue, and three-fourths for another. I don't understand the former.
I'm wondering if there are any other co ops, other than the one I reside in, that has such a high sponsor ownership. Our sponsor(s) refuse to sell, so they still own 49% of the shares here. What percentages are the average in NYC?
Usually the two thirds majority is two thirds of all the shares in the building not just two thirds of those voting.
a supermajority of all shares is required to change anything in the proprietary lease. your lease may specific 66% for some items vs 75% for others.
In the co op in which I reside, we require 64% majority vote to make a change. We would have to call a special meeting and propose change. Unfortunately, since we have way too heavy sponsor control of shares, as they refuse to sell, we cannot achieve any change, yet. Good luck to all.
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No they cannot.
Check Paragraph 6. "Changes in Terms and Conditions of Proprietary Leases" of your Proprietary Lease. Amendments must be approved by a supermajority of shareholders.
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