The co-op board says the share allocation, assigned by the builder in the late 1940s, cannot be altered.
Under most offering plans, he said, the type of space referred to by the writer is included in the share allocation, but can be used only "as is" -- that is, as outdoor space.
Do I have any legal right to have the share allocation revised?... P. McGinnis, Norwalk, Conn .A. Gurdon Buck, a Hartford co-op and condominium lawyer, said that since the letter writer's co-op was organized in the 1950's, the allocation of shares was made by the original sponsor.
Maintenance payments are based on the number of shares allocated to each apartment, he said, and the share allocations were made when the co-op was formed by the sponsor.
There are three ways to divide the proceeds if the sale price is higher than the sum of the two pieces, Ms. Kory said: by a percentage determined by an appraiser, by share allocation if the building is a co-op, or by square footage.
Greenpeace has just been granted a judicial review of the current domestic share allocation.
So, he said, if the portion of the apartment being transferred to a shareholder constitutes, say, 50percentt of the apartment and the apartment has 100 shares allocated to it, then the purchasing shareholder's total share allocation should increase by 50 shares.
The basic rule for share allocation in a co-op, he said, is set forth in the United States Tax Code.
(Note: This could also be to do with Facebook reducing a share allocation with the shares being sold by others increasing. We're trying to find out).
The insurer has started posting voting packs to members that include a share allocation statement and a voting form.
