Post by Im Trying on Mar 27, 2014 22:38:28 GMT -5
This is a Letter we hand delivered, plus e-mailed to the BOD Officers, Stmb Ixx Inc. and includes e-mail responses to Our Letter:
Subject: SLohA Authorization for Bank Signature Cards/Safety Deposits
March 24, 2014
Note: via Hand Delivery to SLohA Admin office at 499 S-bag Lake Trail
TO: President@SLRmail.com,
VP@SLRmail.com,
Treasurer@SLRmail.com,
Secretary@SLRmail.com,
stambaughinc@verizon.net
RE: SLohA Authorization for Bank Signature Cards/Safety Deposit Box
This letter is to advise that SLohA directors have recently conducted SLohA business in a manner that is contrary to its governing documents with regard to authorizing signatures on SLohA’s depository accounts and safety deposit box. This is the note from the SLohA BOD meeting of March 19, 2014:
"Treasurer’s Report: Financials are on website; things are going good; expenses under budget, everything is progressing well. Signors on account need to be updated with bank with accounts/lock box. Named the authorized signors including D Brnd and Bd Stmb Ixx Inc."
"Edit to Note: Motion the authorized signors named: Peet Brdn, Pres, Chrly Mnc, VP, Alc Knttr, Sec, Stv Sthrd, Treas, D Brnd and Bd Stmb Ixx of Bd Stmb Ixx Inc. Motion passed unanimously."
The Board is reminded that SLohA Bylaws require ONLY Officers to have signing authority on SLohA depository accounts and safe deposit boxes:
"ARTICLE VII--FINANCE Section 1. The funds of the corporation sH all be deposited in such banks or depositories as may be determined by the Board of Directors from time to time, upon resolutions approved by the Board of Directors, and sH all be withdrawn only upon checks and demands of monies signed by such officer or officers of the corporation as may be designated by the Board of Directors."
On behalf of all Members, we strongly urge the Board to immediately call a Special Board Meeting to correct the unlawful action conducted at the previous meeting and remove D Brnd, Director, and Bd Stmb Ixx of Stmb Ixx Inc. as authorized signors to SLohA’s depository accounts.
James & Jew-D Ath, 16 Royal Coachmen
Received By: _____________________________________________ Date __________________
From: Stmb Ixx Inc.
To: James Ath
Sent: Wed, Mar 26, 2014 3:56 pm
Subject: RE: SLohA Authorization for Bank Signature Cards/Safety Deposits
Hello Mr. and Mrs. Ath:
The Association is in receipt of your letter regarding the signature cards. As you cited the documents require an officer to sign checks. Management has recommended and the S-bag association has implemented as an additional step of review to have two individuals sign checks at all times. In order to accomplish this dual checks and balances, it may be necessary to have multiple options of signers from time to time. As long as one officer signs the checks the Association is in compliance with the bylaws. A director or agent signature singularly do not authorize checks. However, the Board of Directors does have the option as necessary to appoint assistant officers and may exercise that option to further validate the signers.
Any questions let me know
.
Thanks
Txxx Sxxxxxx
Executive Adm.
Stmb Ixx, Inc.
To: Stmb Ixx Inc.
From: Jm & Jew-D Subject: Re: SLohA Authorization for Bank Signture Cards/Safty Deposits
Your statement that "as long as one officer signs the check, SLohA is in compliance with the Bylaws" is untrue. That is not what the Bylaw states.
Perhaps you should seek additional guidance from your attorney on this matter to further your comprehension of the language in SLohA Bylaws.
While we appreciate your comments, we reasonably look to our Board to provide an authoritative response.
James & Jew-D Ath
From: Stmb Ixx, Inc.
To: James Ath
Sent: Wed, Mar 26, 2014 8:44 pm
Subject: RE: SLohA Authorization for Bank Signature Cards/Safety Deposits
Perhaps you should ask before you assume that a legal opinion was not sought. Since you feel the need to state the association is not operating legally, legal advice was sought and the Board did review my response. As you are aware, as management we take care of responding to correspondence and requests of this nature as we've always done in the past and you have accepted as well. Otherwise if you do not wish to get a response from management, then expressly request that in your correspondence and refrain from copying us so there is no misunderstanding.
Unless the Board instructs otherwise, all checks will be dual signed with at least one Officer as has been the case for years. If you wish to seek further legal advice on the matter to further your comprehension of the language or take further action you may do so at your expense.
Have a great day!
Txxxxx Sxxxxx
Executive Adm. Stmb Ixx, Inc.
: From: James Ath
Sent: Wednesday, March 26, 2014 10:11 PM
To: Stmb Ixx Inc
Subject: Re: SLohA Authorization for Bank Signture Cards/Safty Deposits
Txxxxxx, Since you chose to consult a lawyer, presumably at the direction of the board and paid for with Association funds, please provide a written copy of the attorney's opinion.
Thank You,
Jm & Jew-D Ath
From Stmb Ixx, Inc.
To James Ath
Hi Jm and Jew-D,
The advise was done via conversation with the attorney while on the phone regarding other legal matters of course authorized accordingly. No such written opinion is available for you, but if you wish to have one in writing you can request one at your expense.
Txxxxxx Sxxxxxxxx
Executive Admin.
Stmb Ixx, Inc.
.Note: Our correspondence was addressed to SLohA Board of Directors; We should have copied Stmb Ixx Inc. and sH all make it clear in the future that our correspondence is directed to the persons that are answerable to the Members who elected them. Apparently, this matter was thought to be an insignificant "management" concern and mistakenly delegated to our vendor (Stmb Ixx Inc.).
This is exactly the style of Management, we have in SLohA. Pass the Buck.
My assumption is that our Board would reasonably be able to read and comprehend SLR's Bylaws and that expensive legal advice would not be necessary. Wrong !!!
Subject: SLohA Authorization for Bank Signature Cards/Safety Deposits
March 24, 2014
Note: via Hand Delivery to SLohA Admin office at 499 S-bag Lake Trail
TO: President@SLRmail.com,
VP@SLRmail.com,
Treasurer@SLRmail.com,
Secretary@SLRmail.com,
stambaughinc@verizon.net
RE: SLohA Authorization for Bank Signature Cards/Safety Deposit Box
This letter is to advise that SLohA directors have recently conducted SLohA business in a manner that is contrary to its governing documents with regard to authorizing signatures on SLohA’s depository accounts and safety deposit box. This is the note from the SLohA BOD meeting of March 19, 2014:
"Treasurer’s Report: Financials are on website; things are going good; expenses under budget, everything is progressing well. Signors on account need to be updated with bank with accounts/lock box. Named the authorized signors including D Brnd and Bd Stmb Ixx Inc."
"Edit to Note: Motion the authorized signors named: Peet Brdn, Pres, Chrly Mnc, VP, Alc Knttr, Sec, Stv Sthrd, Treas, D Brnd and Bd Stmb Ixx of Bd Stmb Ixx Inc. Motion passed unanimously."
The Board is reminded that SLohA Bylaws require ONLY Officers to have signing authority on SLohA depository accounts and safe deposit boxes:
"ARTICLE VII--FINANCE Section 1. The funds of the corporation sH all be deposited in such banks or depositories as may be determined by the Board of Directors from time to time, upon resolutions approved by the Board of Directors, and sH all be withdrawn only upon checks and demands of monies signed by such officer or officers of the corporation as may be designated by the Board of Directors."
On behalf of all Members, we strongly urge the Board to immediately call a Special Board Meeting to correct the unlawful action conducted at the previous meeting and remove D Brnd, Director, and Bd Stmb Ixx of Stmb Ixx Inc. as authorized signors to SLohA’s depository accounts.
James & Jew-D Ath, 16 Royal Coachmen
Received By: _____________________________________________ Date __________________
From: Stmb Ixx Inc.
To: James Ath
Sent: Wed, Mar 26, 2014 3:56 pm
Subject: RE: SLohA Authorization for Bank Signature Cards/Safety Deposits
Hello Mr. and Mrs. Ath:
The Association is in receipt of your letter regarding the signature cards. As you cited the documents require an officer to sign checks. Management has recommended and the S-bag association has implemented as an additional step of review to have two individuals sign checks at all times. In order to accomplish this dual checks and balances, it may be necessary to have multiple options of signers from time to time. As long as one officer signs the checks the Association is in compliance with the bylaws. A director or agent signature singularly do not authorize checks. However, the Board of Directors does have the option as necessary to appoint assistant officers and may exercise that option to further validate the signers.
Any questions let me know
.
Thanks
Txxx Sxxxxxx
Executive Adm.
Stmb Ixx, Inc.
To: Stmb Ixx Inc.
From: Jm & Jew-D Subject: Re: SLohA Authorization for Bank Signture Cards/Safty Deposits
Your statement that "as long as one officer signs the check, SLohA is in compliance with the Bylaws" is untrue. That is not what the Bylaw states.
Perhaps you should seek additional guidance from your attorney on this matter to further your comprehension of the language in SLohA Bylaws.
While we appreciate your comments, we reasonably look to our Board to provide an authoritative response.
James & Jew-D Ath
From: Stmb Ixx, Inc.
To: James Ath
Sent: Wed, Mar 26, 2014 8:44 pm
Subject: RE: SLohA Authorization for Bank Signature Cards/Safety Deposits
Perhaps you should ask before you assume that a legal opinion was not sought. Since you feel the need to state the association is not operating legally, legal advice was sought and the Board did review my response. As you are aware, as management we take care of responding to correspondence and requests of this nature as we've always done in the past and you have accepted as well. Otherwise if you do not wish to get a response from management, then expressly request that in your correspondence and refrain from copying us so there is no misunderstanding.
Unless the Board instructs otherwise, all checks will be dual signed with at least one Officer as has been the case for years. If you wish to seek further legal advice on the matter to further your comprehension of the language or take further action you may do so at your expense.
Have a great day!
Txxxxx Sxxxxx
Executive Adm. Stmb Ixx, Inc.
: From: James Ath
Sent: Wednesday, March 26, 2014 10:11 PM
To: Stmb Ixx Inc
Subject: Re: SLohA Authorization for Bank Signture Cards/Safty Deposits
Txxxxxx, Since you chose to consult a lawyer, presumably at the direction of the board and paid for with Association funds, please provide a written copy of the attorney's opinion.
Thank You,
Jm & Jew-D Ath
From Stmb Ixx, Inc.
To James Ath
Hi Jm and Jew-D,
The advise was done via conversation with the attorney while on the phone regarding other legal matters of course authorized accordingly. No such written opinion is available for you, but if you wish to have one in writing you can request one at your expense.
Txxxxxx Sxxxxxxxx
Executive Admin.
Stmb Ixx, Inc.
.Note: Our correspondence was addressed to SLohA Board of Directors; We should have copied Stmb Ixx Inc. and sH all make it clear in the future that our correspondence is directed to the persons that are answerable to the Members who elected them. Apparently, this matter was thought to be an insignificant "management" concern and mistakenly delegated to our vendor (Stmb Ixx Inc.).
This is exactly the style of Management, we have in SLohA. Pass the Buck.
My assumption is that our Board would reasonably be able to read and comprehend SLR's Bylaws and that expensive legal advice would not be necessary. Wrong !!!