When a Co-op Board Misbehaves - The New York Times: "Ms. Liang and other shareholders have learned through their efforts that because there is no agency responsible for regulating co-op and condo board behavior, there is little recourse for shareholders if they believe a board is misbehaving, other than to take on the significant expense and time required to file a lawsuit."
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People keep discovering this for the first time.
1 comment:
Well they have been lied to for about 30 years by a trade group that keeps telling them it's a democracy. There is no democracy. This is rule by corporate board. There is no right to vote nor to run for office. There is about as much democracy as a lunch mob might exhibit. The board leverages the corporate form so that all it needs is a majority of the directors - not a majority of the property owners.
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