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My board has not had a shareholders meeting since Nov 2019. They have made a lot of decisions without the shareholders input. Assessments imposed, and taken, increases in maintenance, 5% 2020, 8% 2021, and now a capital improvement extra charge for 3 years They said our new annual meeting was to be in April 2022. We did have one and the board was totally caught off guard, and totally unprepared! . The meeting blew up and nothing was accomplished that night. We STILL HAVE NOT HAD A MEETING, Because there are no financials yet for 2021! We have asked the board and mgmt. but we have not gotten an answer. We did change mgmt. company in 2021. Our biggest problem with the current board is communication! there is none. Where do we go from here. NO ONE IS SAYING ANYTHING TO SHARHOLDERS!
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Under most coop by-laws, the shareholders themselves can force a special meeting to be called. This is how it reads in our own by-laws: "It shall also be the duty of the secretary to call such meetings whenever requested in writing so to do by shareholders owning at least twenty-five percent of the outstanding shares of the Corporation." Start a petition, get signatures totaling at least the required percentage of shares, and engage a lawyer if you need one. You generally need to state a purpose for the special meeting - e.g., "Election of the board of directors." People can be apathetic, but if you have enough shareholders on your side, you can force the issue.
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