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

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

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Attorney answers 2

Posted

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 not intended as specific legal advice regarding your question. The answer could be different if all the facts were known. This answer does not establish an attorney client relationship. I am admitted only in California. (Bryant) Keith Martin sbbizlaw.com

Posted

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 analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.

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