Can a Board of Directors refuse to distribute financial information and minutes of their meetings to homeowners?

Asked over 1 year ago - Greensboro, NC

Our Board says if you want you can come to a meeting but they won't plubish minutes for the homeowners. If someone presses they will print copies for a fee

Attorney answers (2)

  1. Bryant Keith Martin

    Contributor Level 18
    Best Answer
    chosen by asker

    Answered . In most states, the directors have a fiduciary duty (the highest) to the shareholders, or in this case the owners. The owners are entitled to review the finamcial statements and the Minutes. Generally, you can hire a lawyer and sue to receve that information. In most states, the court will award you your attorneys fees if the directors were acting in bad faith.

    DISCLAIMER—This answer is for informational purposes only under the AVVO system, its terms and conditions. It is... more
  2. Michael Charles Doland

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Your rights are almost certainly set forth in the CC&Rs of your Condo Association.

    The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may... more

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