For shareholders who are disgruntled with the current board and want a new election, there are mechanisms for doing so. But if it’s not according to your co-op’s bylaws or New York’s Business Corporation Law, be warned. A court of law will not recognize the election, you will have spent an enormous amount of time (and potentially legal fees), and the old board will remain in place.
Read full articleTAKEAWAY For shareholders who are disgruntled with the current board and want a new election, there are mechanisms for doing so. But if it’s not according to your co-op’s bylaws or New York’s Business Corporation Law, be warned. A court of law will not recognize the election, you will have spent an enormous amount of time (and potentially legal fees), and the old board will remain in place.
Read full article