More Coops and Condos Are Scheduling Virtual Annual Meetings
With the realization that social distancing measures to mitigate coronavirus spread will need to continue for at least several more months, an increasing number of cooperatives and condominiums are scheduling their 2020 annual meetings and planning to hold them virtually using an electronic platform. This includes buildings whose annual meetings are typically held in the spring but were postponed this year, as well as buildings that typically hold their annual meetings in the fall or near the end of the year.
As previously discussed in this Client Advisory, New York State has passed legislation authorizing all-electronic annual meetings for cooperatives for 2020 and 2021. While this legislation technically does not apply to condominiums, many condominiums are also scheduling virtual annual meetings, since it would be inappropriate (and depending on the size of the building unlawful) to convene an in-person unit owner meeting at this time. Holding a virtual annual meeting requires careful planning. Boards intending to conduct electronic annual meetings should consult with counsel regarding the necessary arrangements.