Create protection for coop shareholders from board overreach

Create protection for coop shareholders from board overreach

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Justice Forus started this petition to Attorney General's Office

Coops are prevalent in NYC. And so are coop board abuses and overreach. Just Google to see the endless boards and articles flooded with cries for help. A coop shareholder has less rights and protections than a rent-paying tenant even though they've often made a substantial investment to buy the coop. The board which is just a bunch of shareholders often with no experience in running a business is given broad latitude and protection by Business Corporations Law, a completely inappropriate body of law to govern a bunch of amateurs with no accountability. Did you know:

- boards can deny sales for any reason other than protected class without explanation infringing on shareholder ability to maximize their investment and often move forward in their lives

- boards can write abusive, derogatory public emails that would never be accepted if coming from a CEO or board president of a legitimate corporation

- boards can impose incredibly restrictive rules and fines almost arbitrarily and without any shareholder input

- achieving change is near to impossible because of quorum requirements, onerous bylaws, etc. Shareholders often have to spend tons of money to try to achieve relief through the legal system.

THIS IS NOT OK AND NEEDS TO CHANGE. The Attorney General needs to create a mechanism (an ombudsman was proposed at one point) to create a forum to address this issues and remove jurisdiction from Business Corporations Law. 

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