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Can anyone recommend the best (easiest to follow?) book in order to re-write a coop's bylaws? My purchase (2 years ago) turned my bldg.from sponsor- to shareholder-majority. The bylaws are basically non-existent... vague, blank, etc. I'm now the secretary of the Board and am interested in fleshing out the bylaws. Any suggestions? Thank you!
Thank you! I'll read through this...
To change By-Laws don't you need a certain percentage of shareholders? I thought you did? It would then have to be ratified by the AG or an attorney. Are you in a co-op or condo? Also if either, wouldn't it be favorable to have shareholder majority?
I'm in a coop. It's a very lacksidaisical building with mostly uninformed, uninterested, uninvolved residents... and hence the need to flesh out the bylaws. The bylaws have to go through the AG?
The current By-Laws should dictate how to amend them. Some By-Laws can be amended by a majority of the Board Members and some need a certain percentage of shareholders to agree to the proposed changes to the By-Laws. Be aware that their may be certain sections of the By-Laws that can not be altered. I would recommend reading consulting with an attorney.
Get your co-op counsel involved. You must have specific issues that you wish to change; these should be discussed in detail with counsel. This document is not the House Rules that you can rewrite anytime depending on the needs of the time. Also, you should bring an open mind when amending documents as fees, etc. are now in question and this is the time to bring real change.
Also, there are sections, as pointed out, that the Board may change; others can only be amended by vote of shareholders (supermajority or just simple majority) depending on the current ByLaws.
AdC
Read your bylaws.... Our ByLaws map out how to change a bylaw. For us, we did not need a lawyer. A group of Shareholders in our building sent a petition around, got the specified number of signatures, presented it to the Board, and as directed in the ByLaws -- the Board was forced to call a special meeting and we voted to change a bylaw.
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Hi Debra,
You can check out an informative article in the cooperative about By-laws.... http://www.cooperativegrocer.coop/articles/2004-01-09/bylaws-how-strong-your-co-ops-foundation
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