Legal Question in Real Estate Law in New York
Co-Op Board of Directors vs Management
I'm in my co-op Board of Directors for almost 5 months. During the last election, we the shareholders finnaly got control of the Board (after 10 years).
The Management decide this year to follow the by-law and wants a new election in May, hopping they will gain back the control of the Board.
Since then, they are trying to intimidate us dirrectly or using two other shareholders (who they may hope to be elected).
Where can you address our concern? How can we protect ourself from such of aggresive behavior. They are after any person who may help the co-op members with advice.
1 Answer from Attorneys
Re: Co-Op Board of Directors vs Management
This is confusing. If "management" is the sponsor of the coop conversion or original offering, it is required to divest itself of control over the board within three years after the initial sale of shares. If "management" is the managing agent, then the Board can fire the managing agent, and long-term contracts put in place by the sponsor can be repudiated.
The board needs to hire an attorney who knows his or her onions about coop and condo law.
Feel free to contact me to discuss your situation and options.
This post is not legal advice and does not create an attorney-client relationship.
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