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Cooperatives may have been created as a form of affordable first time homeownership but how can we maintain them today? Shareholders haven't a clue as to what they bought and educational forums should be given to introduce them to the benefits as a investor. We cannot move forward or voice our opinions if we can't get a quorum for years. Our Board makes decisions about how our money is being spent without informing us . Dual boilers were installed with the set up outside the front windows of a elderly resident in front of the building. It looks hideous!! Could that jeopardize her health if fumes leaked out ? Governor Hochul would like to phrase out gas so where would that leave buildings that converted to dual boilers to save money. Where can shareholders get information to help fight to protect our investments without hiring a lawyer? We are left out in the cold because we have no where or any one to turn to. Please don't advise us to turn to our attorney!!!
Join the Conversation Comments (2)Thank you ever so kindly for your time and answer.
First, study the past few annual financial reports. Send any questions about finances or building operations in writing to property manager and board and request response within # of days. Invite other shareholders to form a committee and ask board to participate in building decisions as an auxillary committee. If you show good intentions and willlingness to assist the board, they will probably welcome you.
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I know this is going to sound flippant, but it is really intended to be a serious response.
Join the board. Have like-minded shareholders also run for the board. If you and your slate of candidates are elected, not only will a lot of your rhetorical questions be answered, you will also have the *power* to do something about them.
You motivate members of an organization (in this case, shareholders) to take some action by constantly showing them why it is essential for them to take action. Your Bylaws should give you the right to request a list of names and addresses of all shareholders. Send a form letter to each and every one explaining what you're trying to do and why.
Set up an email distribution list of as many shareholders who will give you their email address you request in the form letter above. Doesn't have to be anything fancy and you can set it up very cheaply. If something comes up you feel is detrimental, send out an email blast. Just be very careful about dealing only with facts. Do not get argumentative or ascorbic. If you're going to offer an opinion, state it calmly, clearly, and factually.
You stated very clearly, "We are left out in the cold because we have nowhere or any one to turn to." Yes you do, turn to yourselves! Sometimes an investment needs to be protected with time and sweat.
I also believe there are sections in the Business Corporation Law (BCL) that deal with boards that for one reason or another have not had an election for a certain number of years. This will probably require an attorney's help.
Best of luck to you.
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