I thinking of moving from my HDFC apt, which means that I have to sell. My building was bought in 1998 from the city, that was when we closed. On the deed I see an income restriction. The deed makes no mention that any profit of sale should go to the city, but the by-laws, used for incorporation, which were adopted in 1993, says that 40% of profits go to the city. My certificate of shares says that it depends on the by-laws. Someone in the building told me that the City does not have us listed as a 60/40 and that the profit breakdown soley depends on the by-laws which could be changed. In a meeting the sharholders unanimously voted to change the by-laws in this respect. How could I find out the truth?
Also does anyone know a lawyer that is familiar with these cases that I could use?