Board made an illegal motion
This is a discussion on Board made an illegal motion within the Condos & Co-Ops forum, part of the Other Real Estate Law Matters category; Can a board make a motion to ban board members access to monthly financial reports? I am a board member ...
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#1 |
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Junior Member
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Join Date: Jun 2011
Posts: 9
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Can a board make a motion to ban board members access to monthly financial reports?
I am a board member in NY cooperative and at last board meeting was made a motion by majority that nobody except a treasurer have access to monthly financial reports. Is that legal? I believe that motion is illegal. Since that for (3 weeks) I as a board member do not have access to financial document. All that is very suspicious. I request from a president to consult this motion with cooperative attorney. The answer is not ready yet. It takes too long. I suspect that the board action is against me, because nobody on the board is interested in financial documents and addition to that the cooperative will get 20 mln loan. The board members do not want to especially me to see financial report because they are saying that they are afraid of personal information that are inside a book. Earlier a manager was giving me only one hour per week to view financial documents under the supervision of two office employee. I asked him in writing about the document that a board member need to be supervised. He never answered because all that supervision was illegal, yet he did that to me. There was no resolution made by the board about the supervision of board members. I feel discriminated by the management and the board. I have never been sentenced however they treat me as a criminal. And a vice president who was so worry about shareholders personal information disclosed my personal account information in the cooperative via email to all board members. Can I take legal action against a manager and vice president for disclosing personal information. Is a breach of confidentiality a crime? What should I do? Where to write and how to find a lawyer that will help me? Very concerned board member |
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#2 |
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Top Level Member
Join Date: Dec 2009
Posts: 12,551
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I wish to inform you that it is the Rules and Code of Conduct guiding the conduct of the Board that will govern in the matter. You may serve a written Notice to the Board informing the members of your view point pertaining to the need for financial disclosure pertaining to the loan, the circulation of personal information pertaining to your account and seeking a reply on the subject matter of supervision and misconduct raised earlier by you. If the Board fails to resolve the matter, you may file a lawsuit. The Court will consider all the facts and decide the matter.
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#3 |
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Top Level Member
Join Date: Sep 2010
Posts: 3,428
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First of all let me remind you that, you have to take the norms and guidelines of the board and have a consultation with a Civil Attorney. If the norms and guidelines allow a member to inspect the financial documents then the board is bound to allow the same. If the norms allow you to inspect the financial documents, then you have to send a registered notice demanding for inspection. If the board members are taking a negative attitude, you have to consult with the Attorney and initiate appropriate legal action against the board.
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