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If a Board member is re-elected at an Annual Shareholders meeting in violation of term limit by-laws, what recourse do shareholders have?
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Hi H,
In the by-laws for my co-op, the shareholders have the right to overrule any by-laws set by the Board. Also, the shareholders hold the ultimate legislative authority even to reverse previously set decisions. While I am not a lawyer, you might want to review how this was done, what majorities (or supermajorities) of affirmative votes are needed and see if it was all done correctly.
Good luck!
Steve
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