New York

New York Annual General Meeting Requirements for Condos, Co-Ops, and HOAs

Annual meetings for condos, HOAs, and co-ops are mandatory. New York laws that govern these organizations require annual meetings of directors, members, and shareholders. 

However, coordinating schedules can be challenging. The most common problem is getting enough people to show up at the annual meeting for a quorum. This leads to added headaches and expenses.

Cooperative, condominium, and association meetings are historically in-person meetings. State laws and corporate bylaws require a time and “place” to be set for annual meetings. However, there is a better way. BuildingBoard can help you hold your annual meeting virtually.

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Population

19,453,561

Housing Units

8,404,381

Owner Occupied

53.90%

Associations

14,000

Simplify Your Board Meetings in New York With BuildingBoard

An amendment to New York’s Business Corporation Law allows for annual meetings to be held electronically until December 31, 2021, or for the duration of the state disaster emergency, whichever date is later. Lawmakers are working on a new amendment to make the changes permanent for cooperatives. A bill is currently working its way through the New York Senate that would amend the Condominium Act to allow for meetings with electronic communication. 

Currently, there is not an amendment to the Condominium Act that would allow for virtual annual meetings. However, case law may support allowing these meetings absent languages in the condo’s bylaws or the Condominium Act that expressly forbids virtual meetings. In addition, emergency orders by the New York Governor may also permit annual condo meetings to be held virtually at the board’s discretion. 

Virtual annual meetings can resolve many issues and problems boards face, including lack of attendance to reach a quorum. In the past, virtual annual meetings have been unique challenging. Many boards are not familiar with setting up and conducting virtual meetings. 

BuildingBoard has taken the complexity out of conducting virtual annual meetings. Our entire system is browser-based, so neither you nor your members need to download apps or configure software. You and your members can access meetings from anywhere on mobile devices and desktop computers.

Explore the Requirements

Risks of Missing a Quorum in New York

Missing a quorum in New York could result in extra costs. It can also be frustrating, time-consuming, and inconvenient to reschedule an annual meeting.

A quorum is the minimum number of members that must attend a membership meeting to vote in person before the association can conduct business. The quorum requirements are generally outlined in the bylaws.

If there is no quorum, the membership meeting may be adjourned and a new meeting date scheduled. The bylaws dictate the process the board must use. Directors or board members generally continue to serve until a meeting is held that meets quorum requirements. 

If a quorum cannot be achieved, a member of the association or the board may petition the court to reduce the quorum required to hold an annual meeting.

Annual General Meeting Requirements

The annual meeting is held to conduct business that impacts the entire community. However, these meetings may also provide owners and shareholders the opportunity to voice concerns or issues.

Condos

The New York Condominium Act governs the formation, powers, management, and operations of condo associations. The Act does not discuss annual meetings. 

However, Section 339-U states that the bylaws govern the operation of the property. By-laws should include rules for holding annual meetings to elect board members and conduct other business. Therefore, the board and owners should look to the bylaws for rules governing annual meetings. Section 339-W states that the board must provide all unit members a written report summarizing receipts and expenses at least once a year.

Co-Ops

The primary law that governs co-ops is the Business Corporation Law (BCL). Section 602(b) of the BCL state that meetings of shareholders must be held at such place as may be fixed by the co-op’s bylaws. As discussed above, an amendment to this section allows for virtual meetings through December 31, 2021, or until the end of the COVID-19 state of emergency, whichever date is later. 

The statute also allows the board to take reasonable measures to provide shareholders who cannot be present the opportunity to participate in the annual meeting, including casting votes or granting proxies electronically. Records must be kept to ensure that the person participating and voting electronically is a shareholder. Electronic participation may be by audio webcast or other broadcast. Votes may be cast using the internet or telephone. 

Section 602(c) requires that a meeting of shareholders is held annually for the election of directors and to conduct other business.

HOAs

Homeowners’ Associations are not governed by a specific state statute in New York. However, the New York Attorney General has jurisdiction related to matters of ownership and maintenance. Most HOAs are incorporated as non-profit organizations. HOAs that are incorporated as non-profits are governed by the NY Not-for-Profit Corporation Law. 

Section 603 states that meetings of members must be held at such place as fixed under the bylaws. However, the statute has also been amended to allow virtual meetings during the COVID-19 state of emergency or December 31, 2021, whichever date is later. The meeting of the members must be held annually to elect directors and conduct other business. 

There is a provision that allows for the election of delegates or representatives to act for members at an annual meeting. However, this provision must be included in the certificate of incorporation or the bylaws that the members adopted.

Virtual Annual Meetings in New York

An amendment to New York's Business Corporation Law allows for annual meetings to be held electronically until December 31, 2021, or for the duration of the state disaster emergency, whichever date is later. Lawmakers are working on a new amendment to make the changes permanent for cooperatives. A bill is currently working its way through the New York Senate that would amend the Condominium Act to allow for meetings with electronic communication.

Currently, there is not an amendment to the Condominium Act that would allow for virtual annual meetings. However, case law may support allowing these meetings absent languages in the condo's bylaws or the Condominium Act that expressly forbids virtual meetings. In addition, emergency orders by the New York Governor may also permit annual condo meetings to be held virtually at the board's discretion.

Virtual annual meetings can resolve many issues and problems boards face, including lack of attendance to reach a quorum. In the past, virtual annual meetings have been unique challenging. Many boards are not familiar with setting up and conducting virtual meetings.

BuildingBoard has taken the complexity out of conducting virtual annual meetings. Our entire system is browser-based, so neither you nor your members need to download apps or configure software. You and your members can access meetings from anywhere on mobile devices and desktop computers.

Run Your New York Annual Board Meetings Virtually with BuildingBoard

BuildingBoard is easy to use, convenient, and avoids problems reaching quorums. Schedule your meeting, invite members via email, and conduct the vote on the day of the meeting. Your members vote via their smartphone or computer.

Are you ready to simply your annual meetings? Contact BuildingBoard to learn more about our services and to schedule a demo.

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