Author Topic: New York Times Article - Who Is Watching the Co-op Board?  (Read 1244 times)

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New York Times Article - Who Is Watching the Co-op Board?
« on: October 31, 2008, 01:24:27 PM »
Who Is Watching the Co-op Board?
By Jay Romano

Is there a state or city department that oversees the actions of co-
op boards to make sure they are not doing anything unethical or
illegal?
“Cooperatives generally are organized as business corporations under
New York law,” said Marc Luxemburg, a Manhattan lawyer who is
president of the Council of New York Cooperatives and Condominiums,
“and there is no city or state agency that oversees the operations of
business corporations.”
Mr. Luxemburg said, however, that if a co-op board was still
controlled by the conversion sponsor, the New York State
Departmentratives and Condominiumsneral’s office) had jurisdiction to
ensure that the sponsor was carrying out its obligations under the
offering plan.
In addition, the managing agent is required to be licensed as a real
estate broker, and unethical conduct by a broker falls under the
jurisdiction of the New York Department of State.
Mr. Luxemburg will be conducting a seminar on legal issues facing co-
ops and condos at the 28th annual housing conference of the Council of
New York Cooperatives and Condominiums on Sunday, Nov. 16 at Baruch
College at 24th Street and Lexington Avenue. Additional information
about the 74 other seminars and the cost of the event is available at
www.cnyc.coop or by telephone at (212) 496-7400. Advance registration
is required.

Jackson Heights Life

New York Times Article - Who Is Watching the Co-op Board?
« on: October 31, 2008, 01:24:27 PM »