What is the name of your state (only U.S. law)? New York
Hello
I live in a COOP in Brooklyn and am having problems with the COOP board, specifically the sponsors that are on the board.
The sponsors (2) of the building still have about 40% ownership of the apartments and are currently on the board. It’s impossible to kick them off the board because obviously they vote for themselves during the election and all other 60% of shareholders are not always present that meeting to be able to vote them off. The other 3 members of the board (who are shareholders) are not actively involved in the management process because the sponsors have always managed the building and keep on doing everything their way.
The main issue right now is that the sponsors are not following the by-laws of the COOP. They refuse to have an annual shareholders meeting and do whatever they want. It’s like living with a horrible landlord where everything is broken and landlord doesn’t want to fix anything.
Is there someone I can file a complaint with? Don’t they answer to someone (and by that I mean a government office). It is a corporation, so shouldn’t they be regulated?
Thank you
Hello
I live in a COOP in Brooklyn and am having problems with the COOP board, specifically the sponsors that are on the board.
The sponsors (2) of the building still have about 40% ownership of the apartments and are currently on the board. It’s impossible to kick them off the board because obviously they vote for themselves during the election and all other 60% of shareholders are not always present that meeting to be able to vote them off. The other 3 members of the board (who are shareholders) are not actively involved in the management process because the sponsors have always managed the building and keep on doing everything their way.
The main issue right now is that the sponsors are not following the by-laws of the COOP. They refuse to have an annual shareholders meeting and do whatever they want. It’s like living with a horrible landlord where everything is broken and landlord doesn’t want to fix anything.
Is there someone I can file a complaint with? Don’t they answer to someone (and by that I mean a government office). It is a corporation, so shouldn’t they be regulated?
Thank you