Access to Financial Documents by Board Member

This is a discussion on Access to Financial Documents by Board Member within the Condos & Co-Ops forum, part of the Other Real Estate Law Matters category; I am a new Board Member in NY Co-op. When I want to read a monthly financial report my reading ...

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Old Jul 8th, 2011, 09:06 PM   #1
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Question Access to Financial Documents by Board Member

I am a new Board Member in NY Co-op. When I want to read a monthly financial report my reading is supervised by 2 (two) employees of a management company. And addition to that a manager is giving me appointments for reading that financial reports, only one hour per week because he said that his employees are very busy.
When I asked a Board President about the law based on which that decision was made he did not provide it to me, he only said that a attorney said that.

I think that this behavior is illegal. What I can do in this situation? Is there any law that the situation described here? Is there any law that protect Board Member unlimited access to documents?
Please, help me. I suspect that something is very wrong in my co-op.

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Old Jul 8th, 2011, 11:20 PM   #2
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Default Re: Access to Financial Documents by Board Member

I wish to inform you that as a member of board you can check financial statements. A working of co-operative is governed by its by-laws therefore there must not be any restrictions on power of Board of Directors regarding noting of financial records. Generally Board of Directors have power to make decisions and thus control working of Cooperatives. In this if an employee is not allowing you to take note of financial records then you may take disciplinary action against the employee.

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Old Jul 9th, 2011, 12:07 AM   #3
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Question Re: Access to Financial Documents by Board Member

Thank you for your answer. Most people agree that this situation when the manager (told by the president) is preventing me access to financial document by giving me only one hour per week is illegal.
I am the youngest Board Member and I will not go to the office and fight this man. How I can prove that I have right? Is there any law or document which says that I have right? Our co-op by-laws does not say anything about it.
I had tried to contact NYC HPD, I called them and sent email but they did not respond to me.
What can I do? I do not have a attorney and I do not have money for that.
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