My board isn’t having meetings and refuses to allow me to view books and records. What do I do?

Your board has a responsibility to hold meetings, and release monthly financial reports, as specified in your HDFC’s bylaws. See sample bylaws here.

Make sure you put all requests to see financials and hold meetings in writing. Be very specific about what you want to see. Make your request reasonable–don’t ask to see 20 years’  worth of files in one sitting. Offer dates of availability. If all else fails, you may need to subpoena your corporation’s books and records. There are items that may need to be redacted from certain minutes for individual shareholder privacy reasons.

If the board is not responsive, shareholders may vote to remove one or more director.  This power is described in the bylaws as a “recall action” and it allows shareholders to install a new board. The process requires carefully following the bylaws in posting notice about and holding a special meeting.

Learn more about the responsibilities of HDFC boards

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Improving your Cooperative Board of Directors

Improve regular board meetings, learn the duties and powers of the board of directors, and make a cooperative policy checklist.

Shareholder Rights, Responsibilities, and Advantages

Learn the rights and responsibilities of an HDFC shareholder, plus what makes living in an HDFC so special.

Calling a Special Meeting of Shareholders

A special meeting allows shareholders to remove the current board of directors and elect a new board.

I want to sell my apartment. How do I do that?

Start by giving your board of directors official notice of your intent to sell.

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Can I add a relative to my share?

The short answer is probably. Your HDFC board cannot unreasonably deny your request if it meets certain criteria.

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No one new wants to run for the board. What do we do?

Board turnover is essential for a healthy co-op. It prevents burnout for long-time board members, and ensures lots of people have the skills to keep the co-op running.

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What repairs am I responsible for as a shareholder?

As a general guideline, shareholders are responsible for repairs within their apartments, while the co-op as an entity is responsible for building systems like heating; common spaces like lobbies; and tenants’ apartments.

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I can’t pay my maintenance fee. What resources are available to me?

You can ask for a payment agreement, which can give you extra time to come up with your maintenance fee.

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Why does the Board keep raising the maintenance?

Regular maintenance fee increases are essential to your co-op’s financial heath. A 2% annual increase is mandatory in most HDFCs with Regulatory Agreements.

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Our HDFC is in financial trouble. What are our options?

The first step is to understand what’s causing the financial hardship. Be sure to pinpoint the issue and make a plan for long-term financial viability.

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How do I deal with a noisy neighbor?

Communication is a key first step. Make sure you put your issue in writing and deliver it to the board. Once you officially make a complaint, the board has a fiduciary duty to address it.

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We need to evict a shareholder. How do we do that?

Eviction is a last step after you’ve communicated with the resident, met with them, offered payment agreements, and referred them to resources.

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Why do I have to give my HDFC money back when I sell?

For HDFCs to remain physically and financially viable in the long term, they must build up a healthy reserve account.

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