Cooperative and Condominium partner Steve Troup was quoted in the article, “The Limits of Board Powers” by The Cooperator. The article explored what board members of co-op and condo boards can and cannot do to ensure that the individual and collective actions of a board meet all legal and ethical requirements. Steve noted, “In both co-ops and condos, [the duties and expectations of board members are detailed in] the bylaws and the Business Corporation Law (BCL).” According to Steve, there are few major differences between the rules and regulations that outline the powers of board members in co-ops and condos, just differences in each entity’s governing documents. He addressed board members authority on security measures, and privacy issues regarding the ability to access a unit and protection of residents’ personal information. Regarding boards seeking to pass new regulations, Steve explained “With both co-ops and condos, rules and regulations (e.g., house rules) may not contradict the terms of the governing documents such as proprietary lease and bylaws... Major issues relating to occupancy and use of the units, other than routine house rules, should not be implemented by a board, only by the unit owners or shareholders.” To read the full article, click here.
|Troup, Steven Partner||Partner||212.216.8020|