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Our cooperative has not had a quorum in 11 years which is bothers me because we are a large cooperative.Quite a few shareholders didn't get the notice and a complete master list has been denied so we can't reach out to all shareholders. Is a redacted shareholder's list legal? Our board is not knowledgeable about the BCL's and our attorney allows them to do as they please. Security is of the upmost concern here for all due to alleged drug dealing. The board and management has allowed it to escalate to the point we are destroying the quality of life on an entire block of cooperatives. They just started to install cameras on every floor without discussing it with the shareholders. This is after removing live security ten years ago and installing cameras around the complex which is a cul-de-sac. Shareholders were not asked their opinion then nor are they asking them now. What can we do to get our voices heard? Shareholders are reluctant to sign a petition for a special meeting out of fear of retaliation from the board or refusal of services.
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you are not alone in having shareholders that are disheartened. I have the same situation in my co-op,
There have been many people who have run or wanted to run for the board but once the current board members and property manager got wind of the candidates, the retaliation began.
Little by little people started to back away, so far away that they stopped coming to meeting or giving their proxies to be voted on their behalf.
It is difficult to get these shareholders back once they have had their cars damaged, their beautiful gardens that they planted destroyed and were last on the list for any repairs or any type of service.
However, we did get a petition together by gathering a brave group of people from various sections, going door to door to get signatures. We were successful and with our request for a Special Meeting following the guidelines of our by-law, we were able to stop the few real mostly dummy cameras from being installed. BTW the cameras were from a friend on the board.
As far as the shareholder list section 624 of BCL, I believe you can review the list even write down information but the list only shows the name number of shares and possible unit number.
Shareholder addresses are to be kept and recorded but the shareholders addresses are confidential except to the person(s) who have fiduciary responsibilities, agents or attorneys and would be needed if legal action was brought against the board.
If a shareholder wants their name redacted from the list seen by other shareholders, an affidavits can be drawn up to protect their privacy.
In the link below it states “For starters, according to the BCL (Section 607), “Upon request, any shareholder is entitled to receive a list of all shareholders [in the building], with the addresses of any non-residents.” It only mentions address of non-residents.
https://cooperator.com/article/i-got-rights/full
I worked for a large financial institution.. we did not even give the shareholders name. They were referenced by a number. Since co-op are governed by the same laws. I would say you would not be able to see addresses.
https://www.upcounsel.com/lectl-access-to-shareholder-lists-who-and-how
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