What is the name of your state (only U.S. law)? Illinois
facts:
1. This coop was incorporated as association in 1950 - This is a land trust.
2. There are 90 units in the coop
3. We were never informed, but this coop was involuntarily dissolved by secretary of state in 1989
4. last trustee, released trustee deed in 1991.
5. "Board" members are NOT elected by shareholders. They often referred themselves as "managing trustee" but they never recorded trustee deed. President (also board) also signs as “secretary”, functions that you cannot combine. They decide board members renewal or addition during closed board meeting.
6. There has been never election or vote by shareholders/members/unit owners on any matters.
7. In 2005, non-elected board signed "bylaws and trust agreement" with existing property management company. the trustee did not record deeds.
What we try to do is ask court to order "election of board" by shareholders. Given the above facts, can you provide some laws, case laws, or any relevant info, concerning whether laws require election of board by shareholders under the above circumstances.
Thanks
(805 ILCS 310/22) (from Ch. 32, par. 326)
Sec. 22. No corporation or association hereafter organized or doing business for profit in this State shall be entitled to use the term "Co-operative" as a part of its corporate or other business name or title unless it has complied with the provisions of this Act, except (1) a corporation organized under the Business Corporation Act of 1983 for the purpose of ownership or administration of residential property on a cooperative basis, or (2) a cooperative corporation organized under the General Not For Profit Corporation Act of 1986 or its predecessor or successor statutes. Any corporation or association violating the provision of this Section may be enjoined from doing business under such name at the instance of any shareholder of any association or corporation organized under this Act.
(765 ILCS 410/1) (from Ch. 148, par. 61)
Where the land trust agreement is silent as to the appointment of a successor trustee in the event of the death, resignation or termination due to dissolution, of a land trustee, the beneficiary or beneficiaries having the power of direction of the land trust agreement may appoint a successor or successors to the trust property by filing a declaration of appointment of a successor in trust, in the office of the recorder in the county, in which the trust property is located.
(805 ILCS 310/) Co-operative Act. The directors shall be elected by and from the shareholders
facts:
1. This coop was incorporated as association in 1950 - This is a land trust.
2. There are 90 units in the coop
3. We were never informed, but this coop was involuntarily dissolved by secretary of state in 1989
4. last trustee, released trustee deed in 1991.
5. "Board" members are NOT elected by shareholders. They often referred themselves as "managing trustee" but they never recorded trustee deed. President (also board) also signs as “secretary”, functions that you cannot combine. They decide board members renewal or addition during closed board meeting.
6. There has been never election or vote by shareholders/members/unit owners on any matters.
7. In 2005, non-elected board signed "bylaws and trust agreement" with existing property management company. the trustee did not record deeds.
What we try to do is ask court to order "election of board" by shareholders. Given the above facts, can you provide some laws, case laws, or any relevant info, concerning whether laws require election of board by shareholders under the above circumstances.
Thanks
(805 ILCS 310/22) (from Ch. 32, par. 326)
Sec. 22. No corporation or association hereafter organized or doing business for profit in this State shall be entitled to use the term "Co-operative" as a part of its corporate or other business name or title unless it has complied with the provisions of this Act, except (1) a corporation organized under the Business Corporation Act of 1983 for the purpose of ownership or administration of residential property on a cooperative basis, or (2) a cooperative corporation organized under the General Not For Profit Corporation Act of 1986 or its predecessor or successor statutes. Any corporation or association violating the provision of this Section may be enjoined from doing business under such name at the instance of any shareholder of any association or corporation organized under this Act.
(765 ILCS 410/1) (from Ch. 148, par. 61)
Where the land trust agreement is silent as to the appointment of a successor trustee in the event of the death, resignation or termination due to dissolution, of a land trustee, the beneficiary or beneficiaries having the power of direction of the land trust agreement may appoint a successor or successors to the trust property by filing a declaration of appointment of a successor in trust, in the office of the recorder in the county, in which the trust property is located.
(805 ILCS 310/) Co-operative Act. The directors shall be elected by and from the shareholders
was created to serve as the trustee under an Illinois Land Trust Agreement and that the trustee/entity was subsequently dissolved.