Legal Question in Real Estate Law in New York

I live in a co-op on Long Island in New York. We recently received a real estate tax refund and the board of directors has voted not to distribute this refund to the shareholders. Is this legal?


Asked on 3/23/12, 12:52 am

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

You would have to read the bylaws. However, the board of directors in a cooperative has broad powers. Therefore, if there is no language in the bylaws concerning refunds, the answer would be yes, it is legal (although no popular).

Mike.

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Answered on 3/26/12, 5:58 am
Arnold Nager Arnold H. Nager, Esquire

Probably. Read the by-laws.

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Answered on 3/26/13, 11:51 am


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