In our by-laws we have the following: Compensation of Trustees. We pay our five trustees $144.00 a month to manage the property we charged the 72 residents $10.00 per month and is part of the budget. The unit owners voted to pay them by a beneficial interest of 68%. It takes 51% approval. This was in 2008. Now the trustees have unilaterialy gave themselves a raise the cost the residents $5.00 more a month without a resident vote. Here is what our by-laws read: With the approval of the unit owners holding more than 50% of the beneficial interest hereunder, each Trustee may receive a reasonable remuneration for his services and also additional reasonable remuneration fo exrtraordinary services, rendered by him or her in connection with the trust hereof all as shall be from time to time fixed and determined by the Trustees. My Question is : Does the increase they are looking for need a vote approval by the residents each time?
Answers (7)
What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.
