The House Rules, which were included as a part of the original co-op Offering Plan, focus on residents’ rights and responsibilities toward one another and aim to preserve a high quality of life for all residents.
The current House Rules, revised on September 1, 2015, replace the House Rules from the original Proprietary Lease and Offering Plan.
The Offering Plan was issued by the co-op’s sponsor on June 25, 1985. The Plan includes the Co-op’s original By-Laws, Proprietary Lease and House Rules (all of which can be updated and amended by shareholder vote) as well as detail of the conditions and terms of the building’s co-op conversion and operation.
Since 1985, Amendments have been made to the Offering Plan and sent to shareholders. In recent years, Amendments containing the co-op’s financial statements for the previous year or years, among other co-op business changes, have been published on an annual basis.
The Proprietary Lease, which was included as a part of the original Offering Plan, is the legal document that delineates the rights and responsibilities of the shareholder and the co-op toward each other. The final pages of the Proprietary Lease include the Co-op’s original House Rules.
The By-Laws are a written set of provisions and directions for the running of the co-op. They cover topics such as how the board of directors is elected, when membership meetings shall be held, and other issues related to the governance of the cooperative.