General Fiduciary Duties Principles

The law with respect to fiduciary duties is grounded in the principle that the members of a corporations board of directors are required to protect the corporations stockholders to act as their fiduciary in connection with their oversight of the management of the corporation. Demonstrating support of property management over the community could result in loss of exempt status.

The Duty of CareThe Duty of Care

Overview: The Duty of Care requires members of the board of directors to perform their duties in a manner that they reasonably believe to be in the best interest of the corpora-tion and with the amount of care that an ordinarily careful and prudent person would use in similar circumstances.

Courts have stated this to be a gross negligence or recklessindifference test. To satisfy the Duty of Care, at minimum, the members of the board of directors must inform themselves, prior to making a business decision, of all material information reasonably available to them and, to protect the financial interests of the corporation and its stockholders, must proceed with a critical eye in assessing the information.

Laguna Woods Village

Exempt Status at Risk?

stirring-up-the-potby mike curtis

Overview

Mike Curtis has been asking for docu-ments for the last 5 years from the board and the managing agent. These docu-ments have been denied for fear of being prosecuted.

This stirring -up-the--pot video is a repro-duction of Mike Curtis e-mails asking the boards and PCM that he wants docu-ments that appears to be misapplication and misuse of the community resources and assets.

The boards have neglect their fiduciary responsibility and have not been helpful. It appears the boards are protecting the managing agent and he is profiting from such action.

Table of Contents4 min video

Misguliding our boardsLack of ethics

Finanical IncentivesSale of land

Resistence to document requestsResistence to document requestsBalance sheet audits

No accounting of nurseryBroadband shell game

Take over television reportingSenior abuse

Recall of board members

paul loughreyCalloutDouble click on video