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The Tyranny of the Majority in Small Co-ops
When someone buys 25% of a four-unit co-op, does the shareholder expect' the co-op to be ruled by only one other shareholder, which could be the case if one of those four shareholders owns more than 50% of the co-op's shares? The issue arose in a recent case currently on appeal to the Appellate Division First Department. Akasa Holdings v. Sweet, No. 65011-12, slip. op. (Sup. Ct., N.Y. Cty 2012, Kornreich, J.).(Crosby case).
Within small co-ops, the primary protection against the must come from the co-op's governing documents. Those documents typically only include by-laws, articles of incorporation and a proprietary lease. But as became readily apparent in the Crosby case, a shareholders' agreement is a crucial document and should be carefully written to reflect shareholder intentions.
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