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Is it regular practice for a "new" Board to make changes to the bylaws and rules and regulations? This BOD came in by default, since most members didn't vote. This BOD is already suspicious of questionable practices serving the influence of the management co. that has become a main player irregardless of the members. The management co. "advices" and makes decisions regarding employees and services and the BOD just votes in favor.
There has been a lot of shuffling of people on this Board and substituted by others that go along with them.
There is little transparency regarding our finances and we have no control over.
I know that we could vote a new BOD on the new elections in March. They could very well be "wiping out" our funds at their leisure, what can we do now?
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You need to read thru your prospectus/house rules/bylaws/proprietary lease/governing documents. Those documents determine what can be changed by the board or voted on by the members of the corporation, and how the board gets elected/selected/appointed. In general, you should be able to read the board meeting minutes, probably at the management company's office, and you should receive an annual audited financial statement. You can make a complaint to whatever state authority governs your property, often the State Attorney General, if they don't permit review of the minutes or fail to provide financials, etc. The board has a fiduciary duty to follow the governing documents. Run for the board.
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