Subscribe for Daily Updates!
At an annual meeting I asked who was the lady on the Board who I had not seen before, and why we did not have an election to replace the director. The management company stated that we did not need an election for a new director. This is a 48 unit building in Queens with the sponsor holding 10 or 11 units. Was management correct in saying that we do not need an election?
Join the Conversation Comments (1)A board member resigned. Must the board fill the vacancy
No, they do not. They have the option to fill the vacancy, but they don't have to do it. They can wait until the next Annual Meeting and then fill the vacancy.
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.
Yes, virtually all By-Laws allow the board to replace a director without an election. The language in our own By-Laws reads as follows: "Vacancies in the Board of Directors resulting from death, resignation or otherwise may be filled without notice to any of the shareholders by a vote of a majority of the remaining directors."
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.