Legal Question in Real Estate Law in New York

Co-Op shareholders and their SSN's

Our co-op is getting the proprietary lease going. The board insists on members to put in their Social Security Numbers in it. Is there a law that states that corporation (such as co-op) must have shareholder's SSN on file? Co-op's do not pay out any interest on shares, there are no K1s or taxes to file... We find insecure about leaving our perosnal info such as SSN in the hands of board members, do we have anything (legal) to opose them with? Thanks!


Asked on 4/16/09, 1:33 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Co-Op shareholders and their SSN's

I know of no such law. The board probably wants the social security numbers in order to enforce judgment against deadbeat shareholders.

If you do not like the decision from the board, you have the ability to petition the other members of the cooperative to change either the board or its decision.

Mike.

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Answered on 4/16/09, 7:54 am


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