Page 18 - NY Cooperator Expo April 2019

18 THE COOPERATOR —APRIL 2019 COOPERATOR.COM L iving in a co-op, condo or com- munity association can simplify a lot: maintenance issues that keep single-family homeowners up at night aren’t a concern for condo dwellers, and there may even be a door person or con- cierge to sign for packages and keep an eye on who’s coming and going from the property. But multifamily community life has its complications as well. Aft er all, the value of the investment in one’s home de- pends a lot on the consistent cooperation of neighbors, the management and the board to make informed, prudent deci- sions that maintain or increase the value of the property as a whole. A more active and engaged resident may want not only to attend open meet- ings, but to review association documen- tation periodically – either because he or she has a personal project or transaction that requires it, or just to make sure ev- erything is on the up-and-up. Because it’s so important for both residents and board members to know what information and documents residents are – and are not – entitled to access, Th e Cooperator spoke with legal and management professionals in several states to fi nd out what a resi- dent can expect to review, as well as what intel boards should keep confi dential. Peter Rivera, Senior Associate with New York City law fi rm Goldstein Hall “Section 624 of the New York State Business Corporation Law (BCL) states that shareholders can seek ‘...minutes of the proceedings of its shareholders and record of shareholders, and to make ex- tracts therefrom for any purpose reason- ably related to such person’s interest as a Access to Documents Understanding Residents’ Access to Information BY MIKE ODENTHAL BOARD OPERATIONS See us at Booth 211 ISTOCKPHOTO.COM