With a Membership Interest in the Co-operative, an individual purchaser holds a share in the Corporation and the Corporation holds title to the buildings and property in which the apartment units are located. Through his/her share, the individual is a part owner of the assets of the Corporation and subject to the Corporation’s liabilities, to the extent of their investment and working capital only, the individual purchaser does not receive title to an individual apartment unit, but rather receives, an appurtenant to this share, that is, a Certificate of Membership, an exclusive right to occupy a selected apartment unit in accordance with the terms of the Occupancy Agreement and EG’s governing documents.
Eastern Gardens has a seven-person Board of Directors which is elected by the membership. The Board of Directors is comprised of five board members and two alternates, that oversees the business and policy affairs of the Co-operative Corporation by working together with its management staff which is advised and assisted by a professional management firm. There is also an on-site management staff and maintenance support, all which help keep the cooperative running smoothly. Through our elected Board of Directors and community activities, Eastern Gardens residents participate in policy development, administration, maintenance and the social activities of our community. Through this interaction and cooperation, we are connected with one another and we recognize our common need for security and companionship within a friendly community.