Our building won a flip tax by 1 vote a few nights ago. I wanted more time to consider the amounts but was told it would hold up sales. This is with regards to an hdfc building that has just had its security agreement with the city expire 3 months ago (hence the 'need' to impose a new flip tax. )The building attorney some weeks back had represented that the release from hpd, which is also required... [more]
Our building won a flip tax by 1 vote a few nights ago. I wanted more time to consider the amounts but was told it would hold up sales.
This is with regards to an hdfc building that has just had its security agreement with the city expire 3 months ago (hence the 'need' to impose a new flip tax. )The building attorney some weeks back had represented that the release from hpd, which is also required for sales, was immediately forthcoming. This immediate gaining of the release made the argument for immediate placement of the flip make sense.
As soon as the tax was passed, we were informed that we are not particularly close to having our release granted, and that the process is lengthy.
I would now like to rescind my vote since I feel I have cast my ballot with misleading information. Am I able to do this? Our names were on our ballots.
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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9877
Member since: Mar 2009
While I don't know if you can rescind your vote, most coops have a provision in the Offering Plan which states shareholders can call for a "Special Meeting" if a proscribed percentage of all shareholders call for it (in many coops that is 25%). Check your Offering Plan for such a provision, but make sure you comply 100% with exactly what it says in terms of dates, the purpose of the meeting, Etc or the board may reject the notice on technical grounds. You could most probably use such a special meeting to re-vote on the issue.
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Response by David2016
over 7 years ago
Posts: 110
Member since: Feb 2016
Thanks 30 yrs! It's a good idea, but a rather laborious one. I'm still trying to confirm if my vote can be rescinded.
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While I don't know if you can rescind your vote, most coops have a provision in the Offering Plan which states shareholders can call for a "Special Meeting" if a proscribed percentage of all shareholders call for it (in many coops that is 25%). Check your Offering Plan for such a provision, but make sure you comply 100% with exactly what it says in terms of dates, the purpose of the meeting, Etc or the board may reject the notice on technical grounds. You could most probably use such a special meeting to re-vote on the issue.
Thanks 30 yrs! It's a good idea, but a rather laborious one. I'm still trying to confirm if my vote can be rescinded.