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Co-ops and Condominiums
No Quorum At Shareholders' Meeting
Matter of Singleton v. Morton NYLJ 11/12/21, p. 18, col. 1 AppDiv, First Dept. (memorandum opinion)
In a petition to set aside a co-op election, defenders of the election appealed from Supreme Court's grant of the petition. The Appellate Division affirmed, holding that the undisputed facts established that there was no quorum at the shareholders' meeting.
The subject building is organized as a co-op under the Private Housing Finance Law. The parties agreed that a majority of shareholders were necessary to constitute a quorum. Deceased shareholders had owned four apartments, and at the time of the election, no estates had been formed and no administrators appointed for the decedents. A fifth apartment had been occupied by an heir of a decedent, but the heir had been evicted and the co-op was in possession of the apartment, but there was dispute about whether the shares had reverted to the co-op. At the time of the meeting, there were 30 other holders of outstanding shares. At most, 17 shareholders attended the meeting.
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