If you are buying a co-op, you are the one who should be interviewing and checking out the board members individual due diligence and involvement in the operation of the building. If there are seat warmers on the board , who really do nothing more than what they are told to do and have no idea of their duty to the shareholders. You do not want board where items including contractors insurance are not properly checked by the board members , and instead left up to the managing company.
If the board is not a subscriber to, or doesn’t know of the 2 major magazines which inform the readers of the recent legal cases, liability issues, case law , and frauds and scams and how to spot and avoid them, They are not a proper board and most likely there is self dealing , fixed voting, and probably a whole lot worse.
The attorney general, who approved the conversion plan, Westchester’s DA will not intervene or get involved if there is mortgage fraud , Retaliation by board members, who have fraudulent tickets issued and identity theft , both from info in the coop files. This is because you stood up for newer shareholders who were being skipped and the board pres and vice pres were assigning parking spaces to their non share-holder children , bypassing all waiting shareholders, some waiting over 10 years.
A family of grifters who in full cahoots with the management company assign the wife and daughter of the people running for the board as the election official for 20 plus years.
The vice president who never paid sublease fee’s for about 25 or 30 years= about $30 grand, That is a educated guess since I have nor been allowed to see the finances , even though I should be and have attempted to multiple times. Inspecting the finances is listed as one of my rights as a shareholder in the proprietary lease.
I have gained that knowledge by looking at ex board members treasury reports, which list who is paying sublease fee’s.
So do a lot of home work, and talk to someone that has actually read the proprietary lease and by-laws , and keeps up on co-op law and scams by reading the cooperator and the habitat magazine, both available online for free.