Subscribe for Daily Updates!
The flip Tax is decided by the board only, or are the shareholders involved in a vote for that also? Is the board legit, if we haven't had an annual meeting since Nov. 2019? The board and mgmt agreed to take half of 2021 and 2022 assessments, 5% increase in 2020, 8% increase in 2021, and $14.41 per share (I have 563 shares) in 2022 for three(3) years for capital improvements. Mind you the annual increases were because the previous mgmt did not pay our vendors. The board say it's not criminal! What is it? Which by the way NO work (capital Improvements) have started in the bldg. We just received our 2021 financials Nov. 2022. We are scheduled to have a try at another annual meeting Jan. 11, but I fear if the board & mgmt can not answer the shareholders questions again nothing will get done, like no elections again! there is no communication between the board/mgmt & shareholders. Desperate, open for suggestions.! I am running to be on the Board if the votes go through.
Join the Conversation Comments (1)
Couldn’t the shareholders vote for a “special meeting” and really for an election?
Yes, provided there is the appropriate language in your co-op bylaws. Generally, that's how it's done, but some customized or amended bylaws may contain non-standard language so there is no definite "yes" or "no" answer.
After your review of your by-laws but before you take any unilateral action, I *strongly* advise you (as Carl Tait did) to solicit the support of other shareholders. This group could also form the basis of a slate of opposition board members who run against your current board at the next election.
Good luck!
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
You've rolled several questions into one post. Ordinarily, a change to the flip tax requires the approval of a supermajority of shareholders. It's possible, however, that your governing documents give that power to the board. You'd have to check.
Failure to pay your vendors is not "criminal," but it's bad behavior that could lead to legal claims by the vendors. It could also make it harder to engage vendors/contractors in the future.
Almost all co-op by-laws require an annual meeting of shareholders, along with a board election. You may need to engage a lawyer to force a meeting. That would be an expensive proposition on your own; see if you can get other shareholders involved.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.