Luna Park’s By-Laws Updated

A shareholder pointed out that our copy of the by-laws was missing two recent amendments which have now been added. The changes were in the following two sections:

SECTION 4. Quorum. Presence in person or by proxy of forty (40%) percent of the holders of the outstanding stock entitled to vote shall be necessary to constitute a quorum, but a lesser number may adjourn from time to time without notice other than an announcement at the meeting in which the requisite number of stockholders shall be present.

C. Directors must be either (i) a stockholder who has resided in the development for a period of at least two (2) years, or (ii) a person who has resided in the development for at least seven (7) years and who has succession rights to the apartment in which they live (as set forth in the Rules and Regulations of the Department of Housing Preservation and Development). No Director may be nominated, elected or sit on the Board who: (x) is on the corporation’s books or management accounts to be delinquent in the payment of at least three (3) month’s maintenance; or (y) has been convicted in any court of a felony. In addition, at the first annual stockholders meeting after the adoption of those restated By-Laws (and only at that meeting), no stockholder may be elected as a Director unless the candidate has attended each training session approved and recommended by the Department of Housing Preservation and Development.

You can find the digital copy here.

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