Gaining
control of the board
If you don't want to sell and you want to wrestle control of the board
away from the present entrenched board members, there are two different
approaches that you can take.
Indirect
approach
Instead of starting an open fight with the board, become a director. Keep your mouth shut and your ears open.
Use the position to learn how the board conducts its meetings and see
who is the dominant player. It may be the president; another board
member or perhaps it is the manager that runs the place.
You will learn which owners have issues with the board, which owners
are self-interested trouble makers and which owners are getting jerked
around by the manager and the board.
You will have the opportunity to learn where the corporation’s records
are stored, the names and contact numbers for all the contractors used
and you should be able to know which units are owner-occupied and what
ones are rented. Try to get a copy of the names, addresses and phone
numbers for all the absentee owners.
You should be able to stay on top of the current financial situation.
This is very important as you need to know if the corporation has
sufficient cash flow to meet its obligations. You will also know if
there are units are in arrears, how much is owed and for how long. It
is important to know if steps are being taken to collect the unpaid
condo fees. (You need to know what units are in arrears over 30 days
because they cannot vote.)
You also need to know if a senior says he is the owner but in reality a
son or daughter owns the unit and is the registered owner. If the
senior signs a proxy, you will know that unless he has a letter from
the registered owner stating the resident has the authorization to bind
the owner, that proxy is valueless.
Divisions
You will also see if there is a split on the board. Often there is a
director or two who are not happy with the way decisions are made but
they keep
quiet. You need to befriend them and insure they do not resign.
Get another supporter on the board. You may now be able to form a
majority.
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