Senate Bill S28

2013-2014 Legislative Session

Provides that a two-thirds majority of all outstanding shares is necessary to dissolve a mutual limited profit housing company

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Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S28 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1342
2011-2012: S1275

2013-S28 (ACTIVE) - Summary

Provides that a two-thirds majority of all outstanding shares is necessary to dissolve a mutual limited profit housing company; disallows proxy voting except for illness or disability.

2013-S28 (ACTIVE) - Sponsor Memo

2013-S28 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   28

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
  printed  to be committed to the Committee on Housing, Construction and
  Community Development

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.
                                                           LBD01830-01-3

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