Transparency and convenience are mainstays of what we offer shareholders at Vernon Manor Section I. Below, find straightforward answers to the most frequent questions we get from our shareholders.
Operating Costs
No. It is personal property, chattel, shares of a corporation.
Our By-Laws
Occupancy Agreement. A proprietary lease allows a shareholder the right to occupy a particular dwelling unit. Not to be confused with House Rules. House Rules are a set of guidelines that help shareholders live without conflict
Maintenance Fees
Flip Tax
No. It is not a tax, it is a transfer fee payable to VMSI upon the sale of a unit.
With the shareholder’s monthly maintenance fees.
Via the shareholder’s monthly maintenance fees.
The financial strength of both VMSI and the shareholder.
The number of vacancies in the co-op.
Amendments
Personal Property, Chattel
The Shareholders
Stock Certificate
It is based on the percentage of ownership of each shareholder
Alteration agreement. It is a contract one must enter before renovating a unit. An alteration agreement supersedes the Department of Buildings. The Department of Buildings may allow certain renovations that the cooperative may deny. Alteration agreements are designed to protect our building from damage during renovations.
Common Areas
The Martin Act
Yes. The Board of Directors at VMSI holds the right to approve the sale or purchase
The amount of cash in the working capital fund
No. Please review the House Rules
NYS Attorney General. This does not apply to VMSI because we were not a conversion. We were established as a cooperative at the onset
The shareholders of VMSI are responsible. Real estate taxes are paid from the shareholder’s monthly maintenance fee
Yes. If maintenance fees are not remitted in a timely fashion, the Board of Directors may cease possession of the property through legal action.
Yes. If the shareholder fails to pay a fine the Board of Directors may seek legal action which could result in legal fees being assigned to the shareholder
The Board of Directors elect the officers of the board from the sitting members of the Board of Directors and delegates certain authority to those officers
The Board may delegate authority to third parties, such as managing agents, contractors, accountants, attorneys or other such agents that the Board deems necessary to effectively manage the cooperative and it’s properties
No notice is required for regular meetings