This, says Mr. Heller, includes knowledge of local, state and federal laws, as well as the documents of the building. When an issue arises that can be resolved by language in the proprietary lease or the declaration of condominium, the by-laws, house rules and any procedures pamphlets that the building may have, the board should know where to look. Boards need to know that they cannot amend the governing documents of the co-op to institute a flip tax without a vote of the shareholders. Conversely, boards may be able to institute other changes, such as the addition of or changes to sublet fees, without a shareholder vote. A knowledge of the law and of the building's governing documents will help clarify these issues.
Various publications provide information and insights as new laws appear.
CNYC membership is very helpful in this regard. Concentrate on keeping lines of communication open, so that the board is kept informed of new laws and other developments. If your managing agent is not doing his job, the board may find itself in hot water. For example, the manager should make sure window guard notices are sent to all tenants, and are completed by all residents who have children under age 11 living in their apartments. If the manager neglects this important annual responsibility, the board could very well be held accountable, says Mr. Heller.