S T A T E O F N E W Y O R K
2011-2012 Regular Sessions
I N S E N A T E
January 6, 2011
Introduced by Sen. DUANE -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
AN ACT to amend the private housing financing law, in relation to the
dissolution of certain limited-profit housing companies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 35 of the private housing finance law is amended by
adding a new subdivision 5 to read as follows:
5. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS SECTION OR ANY
OTHER PROVISION OF ANY GENERAL, SPECIAL, OR LOCAL LAW, NO MUTUAL COMPANY
MAY BE DISSOLVED EXCEPT UPON THE AFFIRMATIVE VOTE OF TWO-THIRDS OR MORE
OF THE HOLDERS OF ALL OUTSTANDING SHARES OF SUCH COMPANY. NO PERSON
HAVING THE RIGHT TO CAST A VOTE MAY DO SO BY PROXY OR ANY MEANS OTHER
THAN IN PERSON, UNLESS SUCH PERSON IS CERTIFIED BY A PHYSICIAN LICENSED
TO PRACTICE MEDICINE IN THIS STATE AS UNABLE TO CAST SUCH PERSON'S VOTE
IN PERSON BY REASON OF ILLNESS OR DISABILITY.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.