Parkchester South Condominium | Bronx, New York
Update
Results of Vote on the Amendments:
#1. Failed #2. Failed #3. Passed #4. Passed #5. Passed #6. Passed #7. Passed
Elections Results for the Board of Directors for 3 year terms:
Monica Franklin Abu Shakoor
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Amendments were voted on at the Parkchester South Condominium Annual Meeting on June 18, 2009.
PROPOSED AMENDMENTS – 2009
Underlined words represent substitution or addition to the words of the section: [Brackets show words to be deleted]
# l To amend Article II, Section 2(o) of the By-laws of the Parkchester South Condominium and the Parkchester South Condominium, Inc. as follows:
Borrowing money on behalf of the Condominium when required in connection with the operation, care upkeep and maintenance of the common elements and limited common elements , provided however, that (i) the consent of at least 66 2/3% in number and in common interest of the unit owners, present in person and/or by proxy and voting at a meeting duly called and held for such purpose in accordance with the provisions of these By-Laws, shall be required for the borrowing of any sum in excess of $5,000,000.00 a year and (ii) no lien to secure repayment of any sum borrowed may be created on any unit or its appurtenant interest in common elements without the consent of the unit owner. If any sum borrowed by the Board of Managers on behalf of the condominium pursuant to the authority contained in this paragraph (o) is not repaid by the Board, a unit owner who pays to the creditor such portion thereof as his interest in the common elements bears to the interest of all the unit owners in the common elements shall be entitled to obtain from the creditors a release of any judgment or other lien which said creditor shall have filed of shall have the right to file against the unit owner’s unit.
Explanation: This amendment increases the amount that the board of managers may borrow prior to seeking approval from the owners from $100,000.00 to $5,000,000.00. This is a more realistic figure considering the increase in construction, maintenance and the size of the complex. In addition it reflects the age and size of the property and the property’s needs.
#2 To Amend Article V, Section 13, of the By-laws of the Parkchester South Condominium
Additions, Alterations or Improvements by Board of Managers as follows:
Whenever in the judgment of the Board of Managers the common elements shall require additions, alterations or improvements costing in excess of $10,000,000.00 and the making of such additions, alterations or improvements shall have been approved by 50% in number and in common interest of the apartment unit owners present in person and/or by proxy and voting at a meeting duly held in accordance with these By-laws (and by holders of unit first mortgages, if such approval is required), the Board of Managers shall proceed with such additions, alterations or improvements and shall assess all unit owners for the cost thereof as a common charge. Any additions, alterations or improvements to the common elements costing $10,000,000.00 or less may be made by the Board of Managers without approval of the unit owners, or the holders of unit first mortgages and the cost thereof (unless paid from a reserve fund supplied by the Sponsor in accordance with the Plan of Condominium Ownership) shall constitute part of the common expenses payable by the unit owners. So long as the Sponsor or its designee shall own apartments units representing 25% or more in number or interest in the common elements attributable to apartments units, the Board of Managers may not make any addition alteration or improvement to the common elements, limited common elements or any unit if the addition, alteration or improvement costs more than $500,000.00 during any calendar year without the Sponsor’s prior written consent except for the purpose of curing notes or notices of violations and satisfying applicable governmental regulations and except that the Board of Managers may expend up to $10,000,000.00 in any calendar year for maintaining, replacing and repairing common elements, including the steam plant.
Explanation: This amendment increases the amount of money that the Board of Managers may allocate for capital improvements without the express consent of the Unit Owners from $500,000.00 to $10,000,000.00
#3 To amend Article I Section 4 of the Parkchester South Condominium and the Parkchester South Condominium, Inc.
Substituting the following wording for the original
Office. The principal office of the Condominium and of the Board of Managers shall be located at 2000 East Tremont Avenue, Bronx, New York, 10462 or at such other place as designated by the Board of Managers.
Explanation: The original By-laws read “on the property”. The present address (the most feasible location) is technically not on the property of the South Condominium. This regularizes the actual situation.
#4 To amend Article X Section l of the Parkchester South Condominium and Article VII Section I of the By-laws of the Parkchester South Condominium, Inc as follows:
Notices. All notices to the Board of Managers [hereunder] shall be sent by registered or certified mail c/o the managing agent, [or if there be no managing agent] to the office of the Board of Managers or to such other address as the Board of Managers may hereafter designate from time to time, by notice in writing to all unit owners and to all mortgagees of units if so required. All notices to any unit owner shall be sent by registered or certified mail or First Class Mail or overnight courier service to the building or to such other address as may have been designated by the unit owner from time to time, in writing, to the Board of Managers. All notices shall be deemed to have been given when mailed, except notices of change of address which shall be deemed to have been given when received in the Condominium office.
Explanation: This allows the Board in appropriate circumstances to notify units by additional methods of notification, for example, first class mail or overnight courier.
#5 To amend Article II Section 8 of the By-laws of the Parkchester South Condominium and the Parkchester South Condominium, Inc.
Regular Meetings. Regular Meetings of the Board of Directors may be held at such time and place as shall be determined from time to time by a majority of the directors of the Board of Managers, but at least four such meetings shall be held during each fiscal year. Notice of regular meetings of the Board of Directors shall be given to each director by mail, overnight courier, or electronic mail systems, at least three (3) business days prior to the day named for such meeting.
Explanation: This Amendment allows the Board of Directors to notify the Board of Directors by overnight courier or electronic mail, methods not available when By-laws were written.
#6 To amend Article II Section 9 of the By-laws of the Parkchester South Condominium and The Parkchester South Condominium, Inc. as follows:
Section 9. Special Meetings. Special meetings of the Board of Directors may be called by the President on three (3) business days notice to each director of the Board, given by mail, overnight courier, or electronic mail systems which notice shall state the time, place and purpose of the meeting. Special Meetings of the Board of Directors shall be called by the President or Secretary in like manner and on like notice on the written request of at least three (3) directors of the Board of Directors.
Explanation: This amendment allows the Board of Directors to add overnight courier and electronic mail as an additional method of Notice of a Special Meeting of the Board of Directors.
#7 To amend Article V Section 19 of the By-laws of the Parkchester South Condominium
Explanation: Term is irrelevant since no such purchases for investment were ever designated by Sponsor at inception of plan.
5-09 |
