are co-op by laws valid if they are not in ACRIS?
Started by nacho
almost 2 years ago
Posts: 24
Member since: Jan 2019
Discussion about
I cannot find the by-laws of an specific co=op in ACRIS. I know the by-laws are in the initial offering from the 70s. just wanted to make sure if they must be in ACRIS to be valid. Thanks
Why would you need to record bylaws?
Nacho, Believe your proprietary coop lease will say that you are obligated to follow the by-laws or something to this effect. Do you or other share holders not find these by-laws to your liking? They can be changed by following proper process with attorney's advice and via shareholder approval.
with the big "not a lawyer" disclosure: I don't know that bylaws are EVER in Acris; I wouldn't expect them to be there. (which echos 30's comment "why would you need to record them?")
If you are thinking about purchasing in a specific co-op, you can ask the seller for them, although TBH as a listing broker I wouldn't hand them over to just anyone inquiring; I'd wait for a solid offer.
If there's a specific point that you want to check, you might be better off framing that as a question and sending it through your managing agent.
If you're fighting with your neighhbors/board in a co-op you already own -- to make sure that proper election protocol is being followed or somesuch, then the managing agent should release the bylaws to you as a shareholder.
ali r.
{upstairs realty}
@nacho: " just wanted to make sure if they must be in ACRIS to be valid"
They do *not* need to be in ACRIS to be valid (and typically are not found there). Remember also that ACRIS is only a set of pointers to physical documents on file with New York City, and does not have references to everything.
The thing that makes by-laws valid is their acceptance, by a vote of the corporate board and any shareholders. At the time the co-op was created, the shareholder was the sponsor, and would of course have accepted the by-laws. As corporate documents, they are only required to be maintained by the corporation (typically the Secretary's job), and available to the Board and shareholders. For convenience's sake, the managing agent will typically have a copy of them.
Separately, offering plans (co-op and condo) are filed with the NY State Attorney General's office (unrelated to ACRIS, which is a NY City operation).