Conventional wisdom and good practice would dictate that minutes are taken when an annual meeting of cooperative housing corporation shareholders and condominium association unit owners are held. The 2015 annual meeting season for co-ops and condominiums has largely come to a close—annual meetings are most commonly held in the spring, after the co-op or condominium’s certified public accountants have completed their audit of the entity’s books and records and certified financial statements are available for distribution to apartment owners. Now, managers and their counsel must decide what to do regarding the annual meeting minutes.
For condominiums, boards and managers can look for legal requirements and guidance to New York’s Condominium Act,1 and for co-ops, to the Business Corporation Law.2 However, the law offers limited guidance and leaves open questions regarding not only what should be done with annual meeting minutes, but even whether they are legally required at all.
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