Q: Hi, I am a shareholder in co-op building in NYC We didn't have an election for the 4-5 years.
The shareholders lost trust in board directors members
We send a request for special meeting and immediate election , more that 25% of shareholders signed the letter.
The board didn't reply to our request, they just ignore us.
what can we do in such case.
Thank you,
Lola
A:
If the board of your co-op in NYC is not responding to a request for a special meeting and election signed by more than 25% of shareholders, you may need to take further action. Check your co-op's bylaws for specific procedures regarding special meetings and the election of board members. If the board is not adhering to the bylaws, shareholders can bring a legal action to compel the board to hold an election. The New York Business Corporation Law (BCL) may provide a remedy, and a court can enforce the right to have such meetings and elections.
You should consider consulting with an attorney who has experience with co-op governance to explore your legal options and possibly represent the shareholders' interests in enforcing their rights. If the board is acting improperly, this legal pressure can often prompt a resolution without the need for litigation. However, if the board remains unresponsive, litigation may be the necessary step to ensure the proper governance of the co-op.
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