Legal Question in Real Estate Law in California

I own a co-op apartment in South Central Los Angeles. The board that was elected is suspicious of fixing the election there have been no financial statements given to us in 2 years. There is suspicion that previous boards, including this one, have misappropriated funds and they hired an outside management firm that does not converse with the shareholders of the building. A third of us are concerned about our investment and what legal stance we have at our disposal. Is there a government agency that we could contact for help. We are a limited non profit co-op. We are in desperate need of help.


Asked on 6/18/10, 5:08 pm

1 Answer from Attorneys

There is no government agency that supervises anything about this kind of organization. All the government cares about is that the conditions of non-profit status are maintained. As far as the management of the co-op it is up to the shareholders to police it themselves. The board has a fiduciary duty to the shareholders, and if you believe they have breached it, then you can take them to court.

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Answered on 6/21/10, 11:50 am


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