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My understanding is that shareholders in a Cooperative are financially responsible for paying to have window guards installed. Management can make arrangements but costs are the owners/shareholdes responsibility. One board member, who btw, served only one term, had self serving goals. The one year on the board this shareholder insisted window guards (and some other items normally billed to shareholders) were at the expense of the corporation. To boot, this shareholder had "custom designer" guards installed (triple the price of NYC mandated ones). The next term the board discovered the information given by this ex-board member was inaccurate. My question is, can the Corporation now bill this shareholder for the guards (two years later) stating board was misinformed?
Join the Conversation Comments (1)If the Board members treated themselves differently than other shareholders there could be much more that could be done now.
this particular shareholder/board member bullied the other board members and presented inaccurate findings about who would be responsible for paying for guards. no one wanted to confront the bully. the board allowed reimbursement. why can't the board recind the vote?
"Fiduciary responsibility", all shareholders can demand it of their Boards. If no one will, the shareholders pay the price.
Those ChaRges can lead to more than small ChaNge if enough is wanted and willing, but may require more than outstretched hands.
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If that ex-board member acted alone, without board approval (see minutes), the answer is yes.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.