A MATTER OF TRUST The Board of Directors has voted to pay at least $250,000 to renovate the interior of the Thomas Law House. It has also hired an architect to oversee the renovation. The purpose is to rent the Law House to a single tenant. In addition to the House we all own, the tenant would receive two to four parking spaces owned by Tiber Island (we, the shareholders). This is what the bylaws say about the Board’s authority. Or, rather, shareholder authority: ARTICLE IX - SALE OR DEMOLITION OF PROPERTY Section 1. Vote: No decision to demolish or reconstruct any building standing on the land owned by the Corporation, or to sell or exchange the Corporation’s interest therein, or to lease any such building in its entirety or substantially in its entirety, shall be made except upon the affirmative vote of three-fourths (3/4) of the Shareholders of the Corporation, voting at a regular or special meeting. The disposition of the property owned by the Corporation upon the termination of all the Proprietary Leases which are made by the Corporation shall also be determined by the affirmative vote of three-fourths (3/4) of the Shareholders. At the July Board of Directors meeting, Vice President Paul Greenberg stated the Board had received counsel from the coop’s attorney that renting the Thomas Law House does not require a vote of shareholders. No written opinion was provided to the Board or shareholders in attendance. President Colleen Rooney and Judy Terrell made the same claim at a recent meeting of shareholders. This time they climbed even further out on a limb. They told these shareholders the written opinion had been provided at the July Board of Directors meeting, and emailed to Directors after the July meeting and the written opinion would be provided to these shareholders after their meeting. THERE IS NO WRITTEN ATTORNEY’S OPINION THAT SAYS THE BOARD HAS THE POWER TO RENT THE THOMAS LAW HOUSE. Tell the Board of Directors you want the truth about this $250,000 project. Contact board@tiberisland
Posted on: Fri, 23 Aug 2013 02:11:00 +0000
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