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Old sponsor & Board control

Started by BlueDuke
over 10 years ago
Posts: 0
Member since: Oct 2009
Discussion about
We live in a small condo (11 units + commercial ground floor), converted more than 20 years ago, where the sponsor has retained several of the units + the commercial space. As a result, he has 55% of the votes and still controls the Board by appointing non-owner individuals that respond to him (4 out of 7 Board members). Is that allowed? Isn't there a requirement in NYC that the sponsor relinquish Board control within 5 years of conversion, regardless of its share in the condo?
Response by NWT
over 10 years ago
Posts: 6643
Member since: Sep 2008

See page 5 at http://www.ag.ny.gov/sites/default/files/pdfs/bureaus/real_estate_finance/Condo.Problems.pdf

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Response by JJ2
over 10 years ago
Posts: 114
Member since: May 2014

The Board should follow by-laws , no matter who's elected/appointed

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