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The new board of directors of my coop recently voted to rescind the monthly fee for use of our bike room. Every one of the current board members stores a bicycle in the bike room. Since each of them has a personal financial interest in the matter, are they barred from voting on it?
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No.
Board members are shareholders in the corporation, right? If you applied your argument to anything financial, the Board would be unable to act. They couldn't set a budget, approve an expenditure, or change the maintenance fee.
Since there was a bike storage fee in the first place, it was the Board that voted it in.
The Board -- any board -- is charged with setting the policies of the business it oversees. If the Board doesn't vote on bike storage policies, there will be no bike storage policies.
On another note, I have to say that it's refreshing to see someone here complaining about a fee being eliminated!
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