As the 2016 annual meeting season draws to a close, board members and managers of cooperative housing corporations and condominiums, as well as apartment owners, inquire about the rights of owners to inspect the business records of these entities. This inquiry becomes especially important if apartment owners are looking to investigate perceived misconduct or access owner lists in order to wage a proxy battle for election to the building’s board. However, those boards, managers and owners who understand the scope of the right to inspect corporate records can avoid unnecessary and divisive disputes and attendant legal expenses.
This column discusses relevant statutes and case law concerning the rights of apartment owners to access business records, and the common law requirement that an owner’s request for inspection must be made in good faith and for a proper purpose. This column also discusses practical implications and recommendations for boards and managers in addressing apartment owner requests for access to records.
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