Cooperatives > Board of Directors

Q: The president of our board holds two positions, and his wife holds another. Their friend holds the last position. We had an election yesterday, and two new residents gave speeches running for positions on the board — one for the president's seat, the other for a regular member position; they lost. The president told us about the three positions…Read More

A new New York State law was recently enacted, effective January 1, 2018, which requires board members involved in interested transactions to provide disclosure of these transactions to the owners in their associations. The new law adds a new Section 727 to the New York Business Corporation Law (the “BCL”) and a new Section 519-a to the New York Not-for…Read More

Another common scenario: say the wife of the board treasurer is a real estate broker. She’s the listing agent for an apartment in the building. She found potential buyers, who now have to get approved by the board. “It’s okay for a transaction like that, where there’s a related director,” says Stephen M. Lasser, an attorney shareholder with the Manhattan…Read More