A special meeting allows shareholders to remove the current board of directors and elect a new board. The following is an explanation of the procedures for calling a special meeting of the shareholders. Enclosed are copies of documents, which you can use for your meeting.
First, you must collect the signatures of at least ten percent (this percentage may vary based on your building’s individual bylaws) of the other concerned shareholders who would like this special meeting to take place. They should sign the attached NOTICE OF SPECIAL MEETING.
Next, make copies of the NOTICE and the AFFIDAVIT OF MEETING NOTICE and the PROXY FORM for each shareholder and distribute them, in person to each shareholder. When you give them the copy of the NOTICE OF SPECIAL MEETING, have them sign the AFFIDAVIT OF MEETING NOTICE and keep this for your files. Every shareholder should receive a NOTICE at least ten days before the meeting. For those who you cannot get in contact with, send the NOTICE to them first class mail ast least ten days before the meeting.
Also, when distributing the meeting notice, if a shareholder says that they will not be able to attend, have them sign a PROXY appointing another person to cast their ballot for them. Proxies have to be submitted to the secretary of the corporation before the meeting. Shareholders are allowed to vote only once for themselves and one vote as proxy for someone else.
Everyone should be encouraged to participate in the meeting. However, shareholders who are in rent arrears (defined in some bylaws as more than two months delinquent) and also tenants cannot vote.
It is imperative that the group of concerned shareholders who are looking for positive changes to happen in their housing cooperative do the preparation and planning ahead of time. In order to accomplish this, you should work out the details of how you’ll execute the above process. By following this process, your meeting should go according to your by-laws.