Legal Question in Real Estate Law in New York
cooperative in trouble
I am a stockholder in a coop with many problems. The stockholders have been asking to see the books but are being stalled. The Board of Dir. gives every excuse not to show them to us. What is our next step since we suspect a problem.
1 Answer from Attorneys
Re: cooperative in trouble
Shareholders of a New York corporation generally have the right to inspect books and records of the corporation for legitimate purposes. A written demand should be made for inspection at the corporation's offices during normal business hours at least five days in advance. If the written request is refused or not answered, you may be able to enforce your request through court action. Often, a letter from an attorney representing shareholders does the trick. Consult a commercial litigator for advice on how to proceed.
The above reply is in the nature of general information, is not legal advice and should not be relied on as such.
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