Friday, June 1, 2007

Must a Co-op Provide a List of All Its Shareholders?

New York Times
June 1, 2007
Q & A
By JAY ROMANO
http://www.nytimes.com/2007/06/01/realestate/03qa2.html

Q Are shareholders in co-ops entitled to receive a list of all the other shareholders and their addresses, phone numbers, etc.?

A Dennis H. Greenstein, a Manhattan co-op lawyer, said that under New York's Business Corporation Law, all corporations, including housing co-ops, are required to maintain a list of the names and addresses of shareholders. In addition, Mr. Greenstein said, the law requires the corporation to make such names and addresses available to other shareholders who request them, upon five days' notice.

He said that the law does not require the co-op to provide an actual list of shareholders and their addresses but only to make the list available for examination by another shareholder. As a practical matter, that could mean that the shareholder who is seeking the information may have to copy it from the records provided.

Mr. Greenstein added that under the law, the corporation can require the shareholder to provide an affidavit that the information will not be used for commercial purposes. The law does not require a corporation to list shareholders' phone numbers. JAY ROMANO

Address questions to Real Estate Q&A, The New York Times, 229 West 43rd Street, New York, N.Y. 10036, or by e-mail to: realestateqa@nytimes.com. Answers can be given only through the column.

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