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Hi
Just found out we only have 6 board members instead of 7. One person left. Shareholders were not notified. I feel they should have just in case someone wanted to join besides what happens when you vote on something and it’s an even number?
Also hope the management agent is not voting as the 7th person. They’re a vendor.
Your thoughts please
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Check out your bylaws. There's usually a lower limit to the number board members needed for a meeting to be official. I believe in my co-op the lower limit is 5.
There's no requirement for a board member to be replaced as long as the upper and lower limits are met. Anyone wanting to join the board can stand for election at the next annual shareholder meeting. This is board discretionary.
The MA acting as a voting member of your board is a different matter altogether. I would make your co-op's attorney aware asap so they know. Unless special provisions for this situation have been added to the bylaws, at the very least it's a conflict of interest. I might also render invalid any meeting the MA participated in as a board member. Votes taken at invalid board meetings cannot be enforced. This can leave your board and co-op corporation in a world of hurt. Talk to your attorney as soon as possible
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.