Coop combination and shareholder names

This seems like an incredibly stupid question with an obvious answer, but I’m having trouble tracking down a solid answer and would love your thoughts and wisdom. If I were to combine two coops would the shareholder certificates/shares need to be in the same name in order to get the Alteration Type 2 permit or could they be in different names (such as myself and my husband)? We intend to keep the certificates/shares separate. Thank you!

squarepie

in Co-Op Related 9 years and 8 months ago

4

Please log in, in order to post replies!

4 replies

Newest Oldest

deanbh | 9 years and 8 months ago

string(1) "1"
object(WP_User)#4937 (8) {
  ["data"]=>
  object(stdClass)#4894 (12) {
    ["ID"]=>
    string(5) "58589"
    ["user_login"]=>
    string(6) "deanbh"
    ["user_pass"]=>
    string(34) "$P$BFqLWIiGK/ir9Rk2VowKBnNIljQNp.0"
    ["user_nicename"]=>
    string(6) "deanbh"
    ["user_email"]=>
    string(17) "ml5@cognation.net"
    ["user_url"]=>
    string(26) "http:///www.collins.net.pr"
    ["user_registered"]=>
    string(19) "2010-07-04 01:21:41"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "deanbh"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(58589)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

hmmm I think your first problem is going to be with the bank….. having said that when we did our first combination in 2008 the bank didn’t care and kept the shares separate. when we did our second in 2012……the bank insisted the shares be a single shareholding. lol didn’t matter to us one way or the other so was happy to comply either way. my question though is why do you want to keep the shares separate….its not going to help you with IRS/City etc.

brokelin | 9 years and 8 months ago

string(1) "1"
object(WP_User)#4936 (8) {
  ["data"]=>
  object(stdClass)#4935 (12) {
    ["ID"]=>
    string(5) "90954"
    ["user_login"]=>
    string(8) "brokelin"
    ["user_pass"]=>
    string(34) "$P$BukARi5fCxcdKRwwLKRkiawWixLEUK/"
    ["user_nicename"]=>
    string(8) "brokelin"
    ["user_email"]=>
    string(17) "annindc@yahoo.com"
    ["user_url"]=>
    string(23) "/forums/users/brokelin/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:32:08"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "brokelin"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(90954)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Well, having been a board member in a brownstone coop, I would think the coop would care. Because the coop has to issue a proprietary lease for the space. I would think that could get tricky if one person sold their shares, and the board was faced with being asked to issue a lease for part of an apartment. What if the person owning shares for the other half objected to living with the new tenant/shareholder? Too messy.

squarepie | 9 years and 8 months ago

string(1) "1"
object(WP_User)#4932 (8) {
  ["data"]=>
  object(stdClass)#4938 (12) {
    ["ID"]=>
    string(6) "193410"
    ["user_login"]=>
    string(9) "squarepie"
    ["user_pass"]=>
    string(34) "$P$BmSX1MEhE2H6zguAJSmdOgqLrNwJge0"
    ["user_nicename"]=>
    string(9) "squarepie"
    ["user_email"]=>
    string(21) "hardy.fisch@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-02-23 10:58:41"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(61) "Your first name Your last name Your first name Your last name"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(193410)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Thanks Jim! That’s great to hear. In our case the co-op definitely doesn’t care, I was just worried about the DOB.

dazednconfused2 | 9 years and 8 months ago

string(1) "1"
object(WP_User)#4937 (8) {
  ["data"]=>
  object(stdClass)#4939 (12) {
    ["ID"]=>
    string(6) "209624"
    ["user_login"]=>
    string(15) "dazednconfused2"
    ["user_pass"]=>
    string(34) "$P$BghKLTB3pwiNsI5BhQ/fSb/bBQWxiL0"
    ["user_nicename"]=>
    string(15) "dazednconfused2"
    ["user_email"]=>
    string(22) "un.perceived@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-07-04 18:01:21"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(15) "dazednconfused2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(209624)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Having done co-op unit combinations as an architect and also having been president of our own co-op for years, I would be pretty sure it’s up to the co-op. The DOB won’t care at all.