A co-op uses shareholder input to bring its bylaws and proprietary lease up to date.
When the entrenched board at the Rutherford fired the popular super without giving an explanation, James Ramadei decided to run for the board of the 174-unit co-op at 230 East 15th Street in Manhattan. As soon as Ramadei was elected, he fired the previous board’s attorney and hired the firm Anderson Kill with the understanding that revision of the governing documents would be a priority. Among many outdated features, Ramadei wanted to get rid of cumulative voting, a system that had allowed a small minority to keep the same board in place for years. “It had to go,” Ramadei says.