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Understanding Co-op and Condo Bylaws
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Emily Myers of Habitat Magazine discusses bylaw governance with Carl Finger, principal at the law firm Finger and Finger. Finger outlines how bylaws serve as a corporate operations roadmap and explains the risks of improper adherence, from minor scheduling issues to major legal challenges. He highlights the business judgment rule's protection of board decisions—when bylaws are followed—and shares insights from the Cohan v. Board of Directors case. Finger advises boards to stay familiar with bylaws, consult legal professionals on complex matters, and focus on updating house rules for daily governance.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!
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