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When we have an annual meeting our board/attorney don’t take minutes which I find strange. If someone can’t make the meeting or even if you’re present and want to review what was discussed nothing is documented or distributed to the shareholders. I’m sure it’s a bit of just being lazy or they think if it’s distributed that someone might challenge something after the fact.
Oh I was also told by our managing agent that they don’t need to send out the financial report even after the meeting unless a shareholder asks. In other words there’s no legal reason that they need to send it out.
Your thoughts please.
I thought it was 2024!!!
Hi
I have a financial report and anyone who attends gets it but if you don’t he was saying that they don’t have to mail etc and if you ask for a report they’ll send it. My issue is why aren’t they more proactive and buttoned up about important documents like this and just send it to everyone? I really don’t care what the managing agents says he likes to have the last word even though he works for me/us!
Minutes issue is strange. I think because there are older board members they’re not exactly current on how things are done nowadays.
Transparency is key!
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It sounds like your board/attorney and MA have a cozy arrangement. As far as I'm aware, most of what you describe goes against co-op regulations or is illegal.
Since it seems most of the people in charge of your co-op are colluding with each other, you'll probably have to engage an outside individual or entity. One that comes to mind is the Real Estate Board of NY (REBNY). They may not be able to help you but might be able to point you in the right direction. You can also try the Attorney General's office to see if they have any departments set up for this situation.
Ultimately, you'll probably need to contact an R/E attorney who knows co-op law and has no connection to any of the groups you mentioned. It's not going to be cheap, but right now you have no idea of the financial state of your co-op or whether any fraud or embezzlement has taken place.
Good luck.
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