Repair projects are a constant feature of co-op and condo management, but when upgrades are needed the first step is to consult the governing documents. This is because there are often set limits regarding the funds a board can approve to spend on annual maintenance and repair projects. If the board wants to exceed these caps, majority — or in some cases supermajority — shareholder approval is needed. If approval isn’t sought, caps are exceeded and the governing documents are not followed, the board may face a lawsuit claiming a breach of fiduciary duty.    Read the article…………………………….