QUESTION
Help with removal of co-op board members
Asked on Oct 09th, 2017 on Residential Real Estate - New York
More details to this question:
No board meetings, no new elections, ONLY 3 board members, 2 of whom are in arrears yet still remain board members. Share holders who are in arrears are immediately taken to court & foreclosed on yet the board members seem to be exempt from going to court. The management company RUNS THE SHOW as the board members have no clue what they're doing. A loan was taken out for the building (an amount unbeknownst to the shareholders, something suggested by the management company). Are any of these things legal? Is there anyway to have these board members & management company removed without expensive court fees?
1 ANSWER
1 Award
Short answer to last question is no. You need a court action. The bylaws determine issues like if three members are allowed, how meetings are conducted, etc.
Answered on Oct 09th, 2017 at 2:49 PM