On October 1, 2010, CMS sent a letter informing homeowners that they "may send in the proxy without it being witnessed by another unit owner." This is an invitation for fraud.
Proxies must have controls to assure that they're not misused. The proxies I receive for my stock holdings have my name, address, the number of shares held, etc., and they are submitted to a third party — not a management agent whose contract depends on good relations with the Board.
The color-coded proxies we received represented different amounts of voting rights. If the Board wanted to do away with witness requirements, they could easily have mailed out proxies with the unit owners' name, address, and voting percentage printed on the proxy.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment