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Post by BagLady on Sept 27, 2014 8:50:28 GMT -5
Cross-posted from Polk County Complaint-Issue #2 against stab
pestcontrol said:
Good point! WE--individually--are SLohA and have allowed our elected representatives to expose our community to prosecution from regulatory and enforcement agencies. We will all have to accept whatever unpleasant consequences come from that lack of oversight and passive acceptance of BOD behavior.
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Post by B. Blunt on Sept 27, 2014 9:18:59 GMT -5
When the BOD is found to be attached to KCN and have brought legal action against the community the next step is to show the BOD went beyond fiduciary duty and then have the rest of the community take legal action against the BOD to recoup our moneys.
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Post by Admin on Sept 27, 2014 10:34:20 GMT -5
That is logical. The agents responsible for the decisions are individuals who are breaching their fiduciary duty individually. D & O insurance does not typically cover breach of fiduciary! Directors (present and past) should be thinking about getting their own attorney soon.
At such future time as events unfold and it becomes apparent how much damage has been done to owners, then owners will decide if and how to pursue reparation from the individual board directors and others who may be involved in the acts undertaken by those with "privilege".
Note to BOD--this is one reason why the State of Florida statutes requires all votes of Board members to be individually recorded. If you don't resist, you assist.
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