riponbusiness
New Member
I hold a minority percent (7.142857%) of an almond farm with a single family dwelling on it in San Joaquin county. The dwelling is rented and the almonds are producing.
Originally a Power of Attorney was granted by all seven minority holders such as myself to the four holders having 12.5% percentage owner interest each to facilitate management of the farm and rental property.
These four then signed an Agreement Among Attorneys in Fact with defined the duties and obligations of each. One of the parties, who was tasked with dealings with the farm manager and oversight of the rental, has served papers removing herself from the position due to conflicts over repayment and other disagreements.
I requested to know what the new management structure was after her departure. I was told by the three remaining persons that I have no right to know as I have signed the Power of Attorney to them. The Power of Attorney I signed granted management to four persons, not three. I revoked my Power of Attorney in hopes that I would now have access to the management information.
Two of the remaining three have said they "stepped in" to perform the duties of the person who removed herself. They refuse to say they are now the person in charge of these acts. They claim they are not legally responsible for these tasks as it is not defined in the Agreement but do, in fact, perform them.
I am still told by two of the three that I have no right to information as my share is too small to affect decision making. Before, when the one person had expenses relating to the farm or the rental she needed receipts provided to the two mentioned above and majority approval to act. The two who are in control of the checkbook and are now in charge of expenditures. There is no oversight and as the other minority holders have not revoked the POA they claim to have the backing and approval to do what ever they wish.
1.) Do I have a right to the e-mails sent between majority holders and minutes from phone conversations regarding the property and dwelling? (Most communication is by e-mail or phone as we all live in different areas.)
2.) As the POA was granted to four persons and now only three remain, is the Agreement Among Attorneys in Fact still valid?
3.) As the POA was granted to four persons and now only three remain, is the Power of Attorney still valid?
4.) If either the Agreement Among Attorneys in Fact or the POA is rendered invalid does a new managing structure need to be defined in writing? (We are a money making partnership with a farm and a rental property between us.)
It would seem I am not protected my corporate law regarding minority shareholders as we are a partnership/TIC.
Thank you so much for any advice or links to relevant sites you may provide.
Originally a Power of Attorney was granted by all seven minority holders such as myself to the four holders having 12.5% percentage owner interest each to facilitate management of the farm and rental property.
These four then signed an Agreement Among Attorneys in Fact with defined the duties and obligations of each. One of the parties, who was tasked with dealings with the farm manager and oversight of the rental, has served papers removing herself from the position due to conflicts over repayment and other disagreements.
I requested to know what the new management structure was after her departure. I was told by the three remaining persons that I have no right to know as I have signed the Power of Attorney to them. The Power of Attorney I signed granted management to four persons, not three. I revoked my Power of Attorney in hopes that I would now have access to the management information.
Two of the remaining three have said they "stepped in" to perform the duties of the person who removed herself. They refuse to say they are now the person in charge of these acts. They claim they are not legally responsible for these tasks as it is not defined in the Agreement but do, in fact, perform them.
I am still told by two of the three that I have no right to information as my share is too small to affect decision making. Before, when the one person had expenses relating to the farm or the rental she needed receipts provided to the two mentioned above and majority approval to act. The two who are in control of the checkbook and are now in charge of expenditures. There is no oversight and as the other minority holders have not revoked the POA they claim to have the backing and approval to do what ever they wish.
1.) Do I have a right to the e-mails sent between majority holders and minutes from phone conversations regarding the property and dwelling? (Most communication is by e-mail or phone as we all live in different areas.)
2.) As the POA was granted to four persons and now only three remain, is the Agreement Among Attorneys in Fact still valid?
3.) As the POA was granted to four persons and now only three remain, is the Power of Attorney still valid?
4.) If either the Agreement Among Attorneys in Fact or the POA is rendered invalid does a new managing structure need to be defined in writing? (We are a money making partnership with a farm and a rental property between us.)
It would seem I am not protected my corporate law regarding minority shareholders as we are a partnership/TIC.
Thank you so much for any advice or links to relevant sites you may provide.