Page 5 - NY Cooperator November 2019

COOPERATOR.COM THE COOPERATOR — NOVEMBER 2019 5 • B20 ultra low sulfur heating oil (ULSHO) is lower in greenhouse gas emissions than natural gas* • Using 20% biofuel can result in a $0.20/gallon tax credit - savings back into your pocket • Biofuel is nontoxic, biodegradable, and reduces greenhouse gas emissions • Biofuels can act as a cleanser, helping to keep equipment clean, resulting in fewer service calls • Biofuels typically can be used without system modifications • Biofuels are a renewable energy source • New York City will require a B20 Heating Oil by 2034 - why not start now? *According to a study completed by Brookhaven National Laboratory in May 2015 For more information on Biofuels, visit www.dec.ny.gov, for the Clean Heating Fuel Credit, visit www.tax.ny.gov. 1.914.381.6600 www.spragueenergy.com BQ-9000 Certified Supplier Our Energy Makes the Difference ® Why switch to renewable heating oil? Go green and save 20 cents per gallon B20 Heating Oil is available at our Bronx & Lawrence terminals. Ask your Account Executive about the benefits of using B20 Heating Oil today. QUESTIONS & ANSWERS Legal Q A& Improper Power Grab Threatens Co-op Q I live in a Housing Develop- ment Fund Corporation (HDFC) building in the Bronx. My build- ing has no meetings or elections, and share- holders are not informed of our fi nancial status at all. Th e treasurer’s son has taken complete control and has taken advantage of the elderly shareholders by making him- self a site manager/shareholder without au- thorization or notifi cation. Th e son also has personal issues with me because I am the only person among fi ve shareholders in the 10-unit building who speaks up. Th e other shareholders are elderly and afraid to say anything; those who receive Section 8 fear that the son will report them for having rela- tives living with them and that their supple- ment will be revoked. Th e son is aware that I cannot fi nd my shares certifi cate and has now sent me a letter stating that I must have a meeting because the corporation is unclear if I’m a shareholder or a tenant. I fi nd this insult- ing and an example of his personal harass- ment towards me. His mother, the treasurer, served on the board with me years ago; she’s well aware that I’m a shareholder. Th e cur- rent secretary is the one who issued me my certifi cate—I have a written letter from her confi rming this. So why is he asking me to show him proof? I need help and advice as to how I should proceed with this. Am I ob- ligated to show him anything? We’re stuck because we can’t aff ord an ex- pensive lawyer. I have written to HPD, the Attorney General, the Mayor’s Offi ce, etc., and no one has helped. We’re living in our building as if he’s the landlord and we’re the tenants. On top of that, we’re going to lose our building due to unpaid taxes, and we can’t even help ourselves. Please help us or direct me to someone that can. —Fighting Back A “Th e treasurer’s son is con- trolling the co-op’s funds and holding himself out as the ‘property manager’ without proper autho- rization,” says attorney Rachel Sigmund of the New York City fi rm of Adam Leitman Bailey, P.C. “Both the treasurer and her son are subject to potential criminal charges for misappropriation of co-op funds if either of them are dipping into the co-op’s funds to pay the son for his ‘services’ as the purported ‘property manager.’ Th e reader should refer the matter to the district attorney’s offi ce for investigation. “In addition, the reader is entitled by stat- ute to review the co-op’s books and records the owner of record thereof (BCL § 624\[a\]). (BCL § 624\[b\]) and to receive, upon written Th us, a review of the co-op’s records should owning at least 25 percent of the co-op’s out- request, an ‘annual balance sheet and profi t reveal the reader’s shareholder status. Re- and loss statement for the preceding fi scal gardless, the treasurer’s son has no authority a special shareholders’ meeting. In a co-op year’ (BCL § 624\[e\]). Co-ops are also re- quired by statute to maintain a record of the he is not even a shareholder, let alone a le- names and addresses of all shareholders, the gitimate offi cer, director, and/or agent of the requirement. If so, they should petition the number and class of shares held by each, and co-op. Th e reader should ignore correspon- the dates when each shareholder became dence received from such individual. to question anyone’s status in the co-op, as with only fi ve shareholders, two sharehold- “Many co-op bylaws permit shareholders standing shares to petition the board to call ers may be enough to satisfy the 25 percent board in accordance with the co-op’s bylaws continued on page 17