Adam Leitman Bailey and John Desiderio
With orders to stay indoors, and residents working at home and boards tasked with deciding on how to run their buildings making important decisions on how to avoid spreading the deadly virus, heightened tensions and heated moments between shareholders and owners and their boards naturally reached new levels. One of the tools used to engage in cooperative and condominium war games—requesting the inspection of the corporate books and records and the minutes of the meetings—reached new levels of creativity calling for an update of our prior article on the subject.
In revisiting the topic of this article, which we last discussed in 2016, see “Court Clarifies Condo Owners’ Right to Inspect,” New York Law Journal, 12/20/2016, we give a broader overview of the development of the right of shareholders and condominium owners to inspect the corporate records of their respective governing entities. Petitions by shareholders and condominium unit owners continue to be made, and the cases in which courts are asked to determine the right to inspect arise in a variety of circumstances to which the guiding principles of the law must be adapted.
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