the co-op board took the coop office and renovated it and rented it out to raise needed income. the co-op board asked shareholders to donate money to a fund to do this renotvation. it was called peer to peer lending. a 5% interest was paid to those who contributed. in the paper work the board asked that the funds remain with them and be rolled over and be reused as per the needs of the co-op. i did not give any money and wonder if this will compromise the leagle standing of our co-op . is this a leagle way to raise money ? only the contributers recieve a 5% percent pay out every year . as of this time no money for the princeple was paid back.
my thoughts were to sell the renovated apatment and use the money to pay our back taxs and fix the roof and stoops. i was outvoted
in the treasures report no mention was made of what the income from this apt was.