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When Shareholders Push Back Against the Board

When co-op and condo boards refuse to hold annual elections, shareholders aren't as powerless as they might think. Thomas Smith, partner at Smith Buss & Jacobs, walks through the legal and political strategies that organized residents use to force boards out of power, from Sunday night meetings in laundry rooms to a little-known provision in the Business Corporation Law that doesn't even require a quorum. You'll discover why lawyers require shareholders to put money on the table before taking their case, when courts will intervene immediately, and how one year-long grassroots campaign in the Bronx ultimately exposed fraud and overthrew an entrenched sponsor. Whether you're watching your own building's dynamics or just fascinated by co-op politics, this episode illuminates how power shifts when residents finally organize. Habitat's Carol Ott conducts the interview.