Managing Agent - Board Secretary
Question for any co-op owners who are familiar with the make-up of their co-op board: is it very common for the managing agent of a co-op to also be the board secretary? I know that managing agents do a lot of the paper work for apartment sales, and are often present at closings, but I’m…
Question for any co-op owners who are familiar with the make-up of their co-op board: is it very common for the managing agent of a co-op to also be the board secretary? I know that managing agents do a lot of the paper work for apartment sales, and are often present at closings, but I’m interested in knowing if it is common for the managing agent to also be able to sign documents as an officer of the co-op board (secretary or president). Any numbers anyone can provide would be helpful.
What do your by-laws say? Some co-ops have provisions that allow ‘outsiders’ like lawyers, accountants and, in this case, a managing agent to serve on the Board.
Typically managing agent does not serve on the board, however, if the managing agent and sponsor are one and the same (can be common), the sponsor typically does have at least one seat on the board, even after they’ve given up control of the building. So it may be semantics, if the sponsor and management company are under common ownership, it is not unusual for their representative to serve on the board.
I am with denton and BH76. I am on the board and know a few other board members from various co-ops and never heard of managing agent serving on a board at any position.
Agent can be assistant secretary but you should have a Board member as secretary (a task that no one ever wants or does well).
Not common for a managing agent to be secy, as secy usually is a board member. However it is quite common for managing agent to keep a copy of corporate seal so as to be able to process corporate docs when instructed by board.