Wanderlust World Wanderlust World
1. General Provisions
* 1.1 The Co-op is governed by these By-Laws, as well as the New York State Co-op Law and the New York City Co-op Rules and Regulations.
* 1.2 All Shareholders are required to comply with these By-Laws, as well as the Co-op's Rules and Regulations.
* 1.3 The Co-op's Board of Directors has the authority to enforce these By-Laws and the Co-op's Rules and Regulations.
2. Shareholders' Rights and Obligations
* 2.1 Shareholders have the right to:
* Occupy their apartments
* Vote in Co-op elections
* Use the Co-op's common areas
* 2.2 Shareholders are responsible for:
* Paying their monthly maintenance charges
* Complying with the Co-op's By-Laws and Rules and Regulations
* Maintaining their apartments in good condition
* 2.3 Shareholders may not:
* Sublet their apartments without the Co-op's permission
* Use their apartments for commercial purposes
* Alter their apartments without the Co-op's permission
3. Board of Directors
* 3.1 The Co-op is governed by a Board of Directors, which is elected by the Shareholders.
* 3.2 The Board of Directors is responsible for:
* Managing the Co-op's affairs
* Enforcing the Co-op's By-Laws and Rules and Regulations
* Setting the Co-op's monthly maintenance charges
* 3.3 The Board of Directors meets regularly to discuss Co-op business.
4. Co-op Meetings
* 4.1 The Co-op holds annual meetings, at which Shareholders elect the Board of Directors and vote on other Co-op business.
* 4.2 The Co-op may also hold special meetings, if necessary.
* 4.3 Shareholders are required to attend Co-op meetings.
5. Amendments
* 5.1 These By-Laws may be amended by a two-thirds vote of the Shareholders.
* 5.2 Amendments to these By-Laws must be in writing and must be filed with the New York State Department of State.