Most co-op offering plans, he said, exempt from sublet fees any shareholders who are designated holders of unsold shares.
Being designated a "holder of unsold shares" often means the owner has special rights, like the ability to sublet without board approval.
The Olympic Flame has just received its designated flame-holder.
A RECENT Manhattan court decision added a twist to a question that co-op lawyers thought had been answered by the state's highest court in a 2005 ruling on designating a "holder of unsold shares" in a co-op.
Generally speaking, Mr. Schechter said, the term holder of unsold units refers to an individual or business entity who has bought apartments in a condominium from the original sponsor or from a previous holder of unsold units and who has been specifically designated as a holder of unsold units by the sponsor.
It can also apply to anyone who receives such shares from the sponsor for investment purposes and whom the sponsor has designated as a holder of unsold shares — as long as he or she does not occupy the apartment.
As a result, Mr. Greenstein said, if the letter writer was designated as a holder of unsold shares by the sponsor, registered as such with the attorney general and never occupied the apartment, she would clearly be exempt from the sublet fee.
"Under regulations issued by the New York State attorney general" for co-ops converted after 1983, Mr. Cholst said, "such a purchaser must be specifically designated as a holder of unsold shares by the original sponsor, and the original sponsor must have guaranteed payment of the maintenance charges for the purchaser to qualify for such favored treatment".
People do not really care whether these people are technically designated work-permit holders, legal immigrants or asylum seekers.
Maybe draw the line when your stylist turns up with a D.S.H. (Designated Scissors Holder).
