Annual Meeting A meeting legally required of all cooperatives for the members of the cooperative. At the meeting, members may elect representatives to the co-op's Board, hear financial reports; amend the co-op's rules, or attend to other business. Board of Directors Elected by a co-op's membership, the co-op Board of Directors oversees the co-op's operations and finances. Bylaws The rules of the cooperative. Bylaws cover such topics as voting, responsibilities of the co-op's officers, and other usually "governance" issues. Financial Statement A report on all the income and expenses for a corporation. Management Company (Managing Agent) A company which works for the cooperative to handle financial or property management for the cooperative. Proprietary Lease The lease a corporation provides to the stockholders that allows them to use a certain apartment unit under the conditions specified.
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