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If a coop Board member in New York replaces his individual ownership with a revocable trust can he still continue serving on the co-op Board, especially in the postion of a Treasurer or President?
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Depends on the Board qualifications (if any) outlined in the By-Laws. Does a Board Member have to be a Shareholder, a resident, or are there any restrictions? Our co-op has no restrictions whatsoever; in others, a BM must be a resident. If the Board Member you ask about lives within the building, it would seem that he is still eligible for Board service.
If a BM in this co-op needs to be a Shareholder, the Board Member in question should consult an attorney.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.