LBD10975-03-2
S. 7830 2
tenants entitled to [occupancy] VOTE in the project; unless such tenant
casts such ballot using an absentee ballot issued pursuant to subdivi-
sion two of this section.
2. [A] ANY shareholder entitled to [occupancy in the project shall be
entitled to] VOTE MAY request an absentee ballot to cast a ballot in any
shareholder vote. Such AN absentee ballot [shall] MAY be delivered or
mailed only to the primary residence address of [a] THE shareholder
entitled to [occupancy] VOTE in the project. An absentee ballot cast
pursuant to this subdivision shall be sealed within two envelopes[,
shall contain the signature of the shareholder casting the vote,] and
shall be mailed OR DELIVERED to a neutral third party not running for a
position on the board of directors. THE OUTER ENVELOPE CONTAINING THE
BALLOT SHALL INSTRUCT THE SHAREHOLDER TO AFFIX THEIR SIGNATURE TO THE
OUTER ENVELOPE ONLY, AND FURTHER INSTRUCT THE SHAREHOLDER NOT TO SIGN
THE BALLOT ITSELF.
3. Proxy voting shall not be permitted in [an election] A VOTE for a
position on a board of directors, for dissolution OR RECONSTITUTION of
the MUTUAL HOUSING company, for the authorization of a feasibility
study, [for an offering plan including a red herring or black book, or
any document offered in place of an offering plan as permitted by] FOR
THE AUTHORIZATION TO DEVELOP AND SUBMIT TO the attorney general AN
OFFERING PLAN FOR DISSOLUTION AND RECONSTITUTION OF THE MUTUAL HOUSING
COMPANY, FOR THE AUTHORIZATION TO DEVELOP AND SUBMIT TO THE ATTORNEY
GENERAL A PROXY STATEMENT OR ANY OTHER DOCUMENTS PERMITTED BY THE ATTOR-
NEY GENERAL INSTEAD OF SUCH OFFERING PLAN, OR ANY OTHER VOTE RELATING TO
DISSOLUTION OR RECONSTITUTION REQUIRED BY THE REGULATIONS OF THE COMMIS-
SIONER OR SUPERVISING AGENCY, OR FOR AN ASSESSMENT APPROVED PURSUANT TO
SECTION THIRTY-FIVE-A OF THIS ARTICLE TO FUND THE DEVELOPMENT,
SUBMISSION, COMPLETION, OR DISTRIBUTION OF ANY OF THE AFOREMENTIONED
DOCUMENTS.
4. [In-person] ALL ballots shall produce a paper OR ELECTRONIC record
which may be audited in the case of a contested election result.
5. No otherwise-eligible person shall be prevented from being a candi-
date for, being elected to, or serving on a board of directors based
solely on that person owing or having owed any amount of any form of
arrears to the MUTUAL housing company, unless, at the time of nomi-
nation, that person currently owes an amount of [bona fide] arrears
greater than the equivalent of two months of that person's monthly main-
tenance. Nothing in this subdivision shall be construed to require or
mandate any MUTUAL housing company to adopt bylaws, rules, policies, or
procedures restricting any person's eligibility to be nominated,
elected, or serve on a board of directors. [Nothing contained in this
subdivision] NO GROUNDS OTHER THAN THE ABOVE ARREARAGES IN EXCESS OF TWO
MONTHS MAINTENANCE shall be a basis in itself to deny such eligibility
to any person UNLESS SPECIFICALLY INCORPORATED IN REGULATIONS PROMULGAT-
ED BY OR PROCEDURES APPROVED BY THE COMMISSIONER OR SUPERVISING AGENCY.
NEITHER A MUTUAL HOUSING COMPANY NOR THE COMMISSIONER OR THE SUPERVISING
AGENCY MAY MODIFY IN ANY WAY THE ABOVE LIMITATION SO AS TO RESTRICT
ELIGIBILITY ON THE BASIS OF FEWER THAN TWO MONTHS OF ARREARS.
[6. For any shareholder vote requiring a specific percentage of dwell-
ing units, the term "dwelling units" shall mean all dwelling units for
which shares have been issued, regardless of whether such dwelling units
are occupied or vacant.]
§ 2. Section 35-a of the private housing finance law, as added by a
chapter of the laws of 2021 amending the private housing finance law
relating to voting, election and referendum procedures; to requirements
S. 7830 3
regarding mutual housing companies considering dissolution and/or recon-
stitution; to certain duties of a board of directors of a limited-profit
housing company; and to prohibiting certain limited-profit housing
companies from voluntarily dissolving during the state disaster emergen-
cy declared in response to the outbreak of COVID-19, as proposed in
legislative bills numbers S. 6412 and A. 7272, is amended to read as
follows:
§ 35-a. Requirements regarding dissolution. Mutual housing companies
considering dissolution and/or reconstitution pursuant to section thir-
ty-five of this article shall be subject to the following requirements:
1. Any PRELIMINARY vote [for dissolution of the company, or] to
authorize a feasibility study, [a preliminary offering plan which may be
referred to as a red herring, a final offering plan which may be
referred to as a black book, or a proxy statement, or to send a notice
of intent to dissolve to the commissioner or supervising agency shall
require the approval of eighty percent] OR TO APPROVE A SPECIAL ASSESS-
MENT TO FUND SUCH FEASIBILITY STUDY SHALL REQUIRE THE APPROVAL OF A
MINIMUM OF TWO-THIRDS of all dwelling units [owned] FOR WHICH SHARES
HAVE BEEN ISSUED by the mutual housing company, REGARDLESS OF WHETHER
SUCH DWELLING UNITS ARE OCCUPIED OR VACANT, PROVIDED HOWEVER, THAT WHERE
THE SHAREHOLDER OF RECORD IS DECEASED, ANY VOTE ATTRIBUTABLE TO THE
DWELLING UNIT SHALL BE DISCOUNTED, BOTH IN THE NUMBER OF VOTES CAST AND
IN THE TOTAL NUMBER OF DWELLING UNITS UPON WHICH THE VOTE IS CALCULATED,
UNTIL SUCH TIME AS A NEW SHAREHOLDER OF RECORD IS DETERMINED FOR THAT
DWELLING UNIT.
2. EXCEPT AS PROVIDED FOR IN SUBDIVISION SEVEN OF THIS SECTION, ANY
VOTE TO AUTHORIZE THE FUNDING, DEVELOPMENT, AND SUBMISSION TO THE ATTOR-
NEY GENERAL OF AN OFFERING PLAN FOR DISSOLUTION AND RECONSTITUTION OF
THE MUTUAL HOUSING COMPANY, OR TO AUTHORIZE THE FUNDING, DEVELOPMENT,
AND SUBMISSION TO THE ATTORNEY GENERAL OF A PROXY STATEMENT, OR ANY
OTHER DOCUMENTS PERMITTED BY THE ATTORNEY GENERAL INSTEAD OF SUCH OFFER-
ING PLAN, OR ANY OTHER PRELIMINARY VOTE FOR REVIEW BY THE COMMISSIONER
OR SUPERVISING AGENCY RELATING TO THE DISSOLUTION OR RECONSTITUTION
REQUIRED BY THE REGULATIONS OF THE COMMISSIONER OR SUPERVISING AGENCY,
SHALL REQUIRE THE APPROVAL OF EIGHTY PERCENT OF ALL DWELLING UNITS FOR
WHICH SHARES HAVE BEEN ISSUED, REGARDLESS OF WHETHER SUCH DWELLING UNITS
ARE OCCUPIED OR VACANT, PROVIDED HOWEVER, THAT WHERE THE SHAREHOLDER OF
RECORD IS DECEASED, ANY VOTE ATTRIBUTABLE TO THE DWELLING UNIT SHALL BE
DISCOUNTED, BOTH IN THE NUMBER OF VOTES CAST AND IN THE TOTAL NUMBER OF
DWELLING UNITS UPON WHICH THE VOTE IS CALCULATED, UNTIL SUCH TIME AS A
NEW SHAREHOLDER OF RECORD IS DETERMINED FOR THAT DWELLING UNIT.
3. No funds from the operating budget of the mutual housing company
shall be used for the preparation or distribution of a feasibility
study, a preliminary OR FILED offering plan [or red herring, a final
offering plan or black book] FOR DISSOLUTION AND RECONSTITUTION OF THE
MUTUAL HOUSING COMPANY, a proxy statement OR ANY OTHER DOCUMENTS PERMIT-
TED BY THE ATTORNEY GENERAL INSTEAD OF SUCH OFFERING PLAN, or a notice
of intent to dissolve, or to pay for any services related to evaluation
of, preparation for, or execution of dissolution and/or reconstitution
pursuant to section thirty-five of this article, including but not
limited to legal services, BUT SUCH FUNDS MAY ONLY BE RAISED BY SPECIAL
ASSESSMENT VOTED ON AND APPLICABLE TO ALL SHAREHOLDERS USING SUCH PROCE-
DURES AS REQUIRED BY REGULATIONS OF THE COMMISSIONER OR THE SUPERVISING
AGENCY WHICH SHALL NOT ALLOW PROXIES.
[3.] 4. EXCEPT AS PROVIDED FOR IN SUBDIVISION SEVEN OF THIS SECTION,
ANY VOTE AUTHORIZED BY THE REGULATIONS PROMULGATED BY THE COMMISSIONER
S. 7830 4
OR THE SUPERVISING AGENCY THAT CONSTITUTES THE VOTE FOR SUBMISSION OF A
CERTIFICATE OF NO OBJECTION, CONSENT TO DISSOLUTION OR RECONSTITUTION,
FOR SUBMISSION TO THE ATTORNEY GENERAL OF AN OFFERING PLAN FOR DISSOL-
UTION AND RECONSTITUTION OF THE MUTUAL HOUSING COMPANY, OR FOR
SUBMISSION TO THE ATTORNEY GENERAL OF A PROXY STATEMENT OR ANY OTHER
DOCUMENTS PERMITTED BY THE ATTORNEY GENERAL INSTEAD OF SUCH OFFERING
PLAN SHALL REQUIRE THE APPROVAL OF EIGHTY PERCENT OF ALL DWELLING UNITS
FOR WHICH SHARES HAVE BEEN ISSUED BY THE MUTUAL HOUSING COMPANY, REGARD-
LESS OF WHETHER SUCH DWELLING UNITS ARE OCCUPIED OR VACANT, PROVIDED
HOWEVER, THAT WHERE THE SHAREHOLDER OF RECORD IS DECEASED, ANY VOTE
ATTRIBUTABLE TO THE DWELLING UNIT SHALL BE DISCOUNTED, BOTH IN THE
NUMBER OF VOTES CAST AND IN THE TOTAL NUMBER OF DWELLING UNITS UPON
WHICH THE VOTE IS CALCULATED, UNTIL SUCH TIME AS A NEW SHAREHOLDER OF
RECORD IS DETERMINED FOR THAT DWELLING UNIT.
5. No vote [under subdivision] AS SET FORTH PURSUANT TO SUBDIVISION
one, TWO, THREE OR FOUR of this section, shall occur within five years
following a vote [under subdivision one of this section] UNDERTAKEN
PURSUANT TO SUCH SUBDIVISIONS that failed TO PASS. NO VOTE AS SET FORTH
PURSUANT TO SUBDIVISION SEVEN OF THIS SECTION SHALL OCCUR WITHIN THREE
YEARS FOLLOWING A VOTE UNDERTAKEN PURSUANT TO SUCH SUBDIVISION THAT
FAILED TO PASS.
6. FOR ANY VOTE PURSUANT TO SUBDIVISION ONE, TWO, THREE OR SEVEN OF
THIS SECTION, THE PROPOSAL TO BE VOTED ON SHALL STATE THAT THE COST OF
THE ACTION TO BE APPROVED WILL BE PAID BY A SPECIAL ASSESSMENT ON SHARE-
HOLDERS, THAT APPROVAL OF THE PROPOSAL AUTHORIZES THE MUTUAL HOUSING
COMPANY TO IMPOSE THE ASSESSMENT, AND SHALL INCLUDE THE TOTAL DOLLAR
AMOUNT OF THE PROPOSED ASSESSMENT AND THE DOLLAR AMOUNT PER DWELLING
UNIT THAT WILL BE IMPOSED TO FUND THE ACTION IF IT IS APPROVED. ONCE AN
ASSESSMENT HAS BEEN SO APPROVED BY SHAREHOLDER VOTE, THE MUTUAL HOUSING
COMPANY SHALL NOT INCREASE THE AMOUNT OF THE APPROVED ASSESSMENT EXCEPT
BY FURTHER VOTE SUBJECT TO THE SAME PROCEDURES AND THRESHOLD FOR
APPROVAL AS WERE REQUIRED FOR THE VOTE INITIALLY APPROVING THE ASSESS-
MENT.
7. NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY, ANY FINAL OR
PRELIMINARY VOTE REGARDING DISSOLUTION AND RECONSTITUTION THAT INVOLVES
A CONVERSION TO A HOUSING COMPANY ORGANIZED UNDER ARTICLE ELEVEN OF THIS
CHAPTER INCLUDING, BUT NOT LIMITED TO, VOTES ON THE AUTHORIZATION TO
FUND, DEVELOP, AND SUBMIT ANY REQUIRED FILING TO THE ATTORNEY GENERAL,
WHICH PURSUANT TO THE CONVERSION SHALL REMAIN UNDER THE SUPERVISION OF
THE COMMISSIONER OR THE SUPERVISING AGENCY, SHALL ONLY REQUIRE A VOTE OF
A MINIMUM OF TWO THIRDS OF THE DWELLING UNITS FOR WHICH SHARES HAVE BEEN
ISSUED BY THE MUTUAL HOUSING COMPANY REGARDLESS OF WHETHER SUCH DWELLING
UNITS ARE OCCUPIED OR VACANT, PROVIDED HOWEVER, THAT WHERE THE SHARE-
HOLDER OF RECORD IS DECEASED, ANY VOTE ATTRIBUTABLE TO THE DWELLING UNIT
SHALL BE DISCOUNTED, BOTH IN THE NUMBER OF VOTES CAST AND IN THE TOTAL
NUMBER OF DWELLING UNITS UPON WHICH THE VOTE IS CALCULATED, UNTIL SUCH
TIME AS A NEW SHAREHOLDER OF RECORD IS DETERMINED FOR THAT DWELLING
UNIT. PROVIDED FURTHER HOWEVER, THAT ANY DISSOLUTION AND RECONSTITUTION
TO A HOUSING COMPANY ORGANIZED UNDER ARTICLE ELEVEN OF THIS CHAPTER AS
PROVIDED BY THIS SUBDIVISION SHALL NOT UTILIZE FUNDS FROM THE OPERATING
BUDGET OF SUCH HOUSING COMPANY TO FUND THE PREPARATION, CREATION OR
DISTRIBUTION OF ANY MATERIALS REQUIRED FOR A VOTE TO AUTHORIZE ANY
DISSOLUTION AND RECONSTITUTION TO A HOUSING COMPANY ORGANIZED UNDER
ARTICLE ELEVEN OF THIS CHAPTER AS PROVIDED BY THIS SUBDIVISION, AND THE
PREPARATION, CREATION OR DISTRIBUTION OF SUCH MATERIALS SHALL BE
FINANCED BY SPECIAL ASSESSMENT VOTED ON AND APPLICABLE TO ALL SHAREHOLD-
S. 7830 5
ERS AS PROVIDED BY SUBDIVISION THREE OF THIS SECTION, UNLESS SUCH HOUS-
ING COMPANY TOOK ANY ACTIONS TOWARD DISSOLUTION OR RECONSTITUTION PRIOR
TO THE DATE THIS SECTION TOOK EFFECT.
§ 3. Subdivisions 4 and 5 of section 17 of the private housing finance
law, as added by a chapter of the laws of 2021 amending the private
housing finance law relating to voting, election and referendum proce-
dures; to requirements regarding mutual housing companies considering
dissolution and/or reconstitution; to certain duties of a board of
directors of a limited-profit housing company; and to prohibiting
certain limited-profit housing companies from voluntarily dissolving
during the state disaster emergency declared in response to the outbreak
of COVID-19, as proposed in legislative bills numbers S. 6412 and A.
7272, are amended to read as follows:
4. Notwithstanding the provisions of any law, general or special, a
board of directors of a MUTUAL HOUSING company created pursuant to the
provisions of this article shall:
(a) Hold at least [six] FOUR meetings of [its members] THE BOARD OF
DIRECTORS annually. Such meetings shall be open to [the] ALL sharehold-
ers and residents, except that they may include executive sessions open
only to directors for the sole purpose of discussing confidential
personnel issues, legal advice and counsel from an attorney to whom the
MUTUAL housing company is a client, or confidential issues affecting
individual shareholders or residents, or contract negotiation. ANY SUCH
BOARD OF DIRECTORS MEETINGS HELD IN ADDITION TO THE MINIMUM NUMBER OF
FOUR AS REQUIRED BY THIS SECTION SHALL BE OPEN TO SHAREHOLDERS AND RESI-
DENTS, AND SUBJECT TO THE AFOREMENTIONED EXCEPTION REGARDING EXECUTIVE
SESSIONS.
(b) [File with the commissioner or the supervising agency, as the case
may be,] MAINTAIN a record of any vote on a resolution of such board,
including specification of how each director voted. Such record shall be
a matter of public record WHICH WILL BE MADE AVAILABLE AS A PAPER COPY
AT THE REQUEST OF A SHAREHOLDER AND WILL ALSO BE POSTED ON A WEBSITE
THAT IS ACCESSIBLE BY ALL SHAREHOLDERS MAINTAINED BY THE BOARD OF DIREC-
TORS, PROVIDED HOWEVER, THAT THERE MAY BE REDACTIONS TO THE EXTENT
MINUTES WOULD REFLECT THE DISCUSSIONS HELD IN EXECUTIVE SESSION.
(c) Promptly [give notice of and make] POST ON A WEBSITE available to
all shareholders AND MAINTAINED BY THE BOARD OF DIRECTORS TO COMMUNICATE
WITH SHAREHOLDERS, (I) any [communication to] REQUEST BY the MUTUAL
housing company [from] TO the commissioner or the supervising agency, as
the case may be, [or the office of the attorney general, regarding] AND
ANY FINAL RESOLUTION REGARDING SUCH REQUEST, WHEN THE REQUEST RELATES TO
A CHANGE IN regulations, [changes in regulations,] A CHANGE IN ITS REAL
ESTATE taxation, [finances,] IN A refinancing, FINANCING BEING OFFERED
BY THE COMMISSIONER, SUPERVISING AGENCY, OR ANY OTHER AGENCY or, [in the
event of] a proposed dissolution and [reincorporation, the review of any
version of an offering plan] RECONSTITUTION, (II) ANY DEFICIENCY LETTERS
ISSUED BY THE OFFICE OF THE ATTORNEY GENERAL TO THE MUTUAL HOUSING
COMPANY REGARDING AN OFFERING PLAN FOR DISSOLUTION AND RECONSTITUTION OF
THE MUTUAL HOUSING COMPANY, ANY DEFICIENCY LETTERS ISSUED BY THE OFFICE
OF THE ATTORNEY GENERAL TO THE MUTUAL HOUSING COMPANY REGARDING A PROXY
STATEMENT OR ANY OTHER DOCUMENTS PERMITTED BY THE ATTORNEY GENERAL
INSTEAD OF SUCH OFFERING PLAN, AND ANY OF THE MUTUAL HOUSING COMPANY'S
RESUBMISSIONS OF SUCH OFFERING PLAN OR PROXY STATEMENT OR ANY OTHER
DOCUMENTS PERMITTED BY THE ATTORNEY GENERAL INSTEAD OF SUCH OFFERING
PLAN IN RESPONSE TO SUCH DEFICIENCY LETTERS ISSUED BY THE OFFICE OF THE
S. 7830 6
ATTORNEY GENERAL, OR (III) ANY OFFER OF FINANCING FROM THE COMMISSIONER,
SUPERVISING AGENCY, OR ANY OTHER AGENCY TO THE MUTUAL HOUSING COMPANY.
[(d) Investigate any substantive allegation that a tenant is not occu-
pying his or her dwelling unit as his or her primary residence.]
5. (a) No MUTUAL housing company shall interfere with the right of a
shareholder or tenant to form, join or participate in the lawful activ-
ities of any group, committee or other organization formed to protect
the rights of shareholders and tenants; nor shall any MUTUAL housing
company harass, punish, penalize, diminish, or withhold any right, bene-
fit or privilege of a shareholder or tenant under their proprietary
lease or tenancy for exercising such right.
(b) Shareholder and/or tenants' groups, committees or other sharehold-
er and/or tenants' organizations shall have the right to meet without
being required to pay a fee in any location on the premises including a
community or social room where use is normally subject to a fee which is
devoted to the common use of all shareholders and/or tenants in a peace-
ful manner, at reasonable hours and without obstructing access to the
premises or facilities. [No housing company shall deny such right]
NOTHING IN THIS SUBDIVISION SHALL BE CONSTRUED TO LIMIT OR IMPEDE THE
AUTHORITY OF THE BOARD OF DIRECTORS TO ACT ON BEHALF OF THE MUTUAL HOUS-
ING COMPANY OR REGULATION BY THE COMMISSIONER OR SUPERVISING AGENCY WITH
RESPECT TO THE RECOGNITION OF A TENANT GROUP REPRESENTING ALL TENANTS,
OR TO REQUIRE THE CONTINUED RECOGNITION OF A COOPERATORS' ADVISORY COUN-
CIL FORMED PURSUANT TO SUBDIVISION ONE OF SECTION THIRTY-TWO-A OF THIS
ARTICLE WHEN SUPERSEDED BY THE ELECTION OF A BOARD OF DIRECTORS.
[(c) The board of directors shall take all necessary and appropriate
actions to ensure that a manager or agent of the housing company
complies with the requirements in this subdivision.]
§ 4. Section 32-a of the private housing finance law is amended by
adding a new subdivision 9 to read as follows:
9. PROMULGATE REGULATIONS TO REQUIRE EACH TENANT USE THEIR DWELLING
UNIT AS THEIR PRIMARY RESIDENCE TO MAINTAIN THEIR RIGHT OF CONTINUED
OCCUPANCY OR BE SUBJECT TO EVICTION IN A COURT OF COMPETENT JURISDICTION
BY A MUTUAL HOUSING COMPANY.
§ 5. Sections 4 and 5 of a chapter of the laws of 2021 amending the
private housing finance law relating to voting, election and referendum
procedures; to requirements regarding mutual housing companies consider-
ing dissolution and/or reconstitution; to certain duties of a board of
directors of a limited-profit housing company; and to prohibiting
certain limited-profit housing companies from voluntarily dissolving
during the state disaster emergency declared in response to the outbreak
of COVID-19, as proposed in legislative bills numbers S. 6412 and A.
7272, are amended to read as follows:
§ 4. 1. Notwithstanding any provision of law to the contrary, no MUTU-
AL HOUSING company or urban rental company, as such terms are defined in
section 12 of the private housing finance law, shall be dissolved pursu-
ant to the provisions of section 35 of such law or shall undergo semi-
privatization pursuant to 28 RCNY 3-14(i)(15), or shall initiate any
actions or proceedings related to dissolution or semi-privatization,
including but not limited to, conducting a vote to authorize a feasibil-
ity study; submitting a preliminary offering plan to the attorney gener-
al for approval; distributing a preliminary offering plan to sharehold-
ers; distributing a final offering plan or proxy statement to
shareholders; submitting a notice of intent to dissolve to the commis-
sioner of housing or supervising agency; committing, promising, or
expending funds in any way for the purposes of dissolution or semi-pri-
S. 7830 7
vatization; or holding any of the required notice meetings during the
state disaster emergency declared pursuant to executive order 202 of
2020 in response to the outbreak of novel coronavirus, COVID-19.
2. As used in this [act] SECTION, the term "semi-privatization" means
dissolving as a mutual housing company and transferring the property to
a housing development fund company organized pursuant to article XI of
the private housing finance law.
§ 5. This act shall take effect immediately; provided, however,
sections one, two and three of this act shall take effect on the nineti-
eth day after it shall have become a law AND SHALL APPLY TO ANY PENDING
OR FUTURE DISSOLUTION OR RECONSTITUTION PROCEEDINGS ON AND AFTER SUCH
DATE; PROVIDED, HOWEVER, THAT WHERE A MUTUAL HOUSING COMPANY TAKING
CERTAIN INTERMEDIATE VOTES WERE APPROPRIATELY PERFORMED PRIOR TO THE
EFFECTIVE DATE OF THE ACT, THE PROVISION IN EFFECT AT THE TIME THOSE
VOTES WERE TAKEN SHALL APPLY TO THOSE ACTS.
§ 6. Severability. If any provision of this act, or any application
of any provision of this act, is held to be invalid, that shall not
affect the validity or effectiveness of any other provision of this act,
any other application of any provision of this act, or any other
provision of any law or code amended by this act.
§ 7. This act shall take effect immediately, provided however that
sections one, two, three and four of this act shall take effect on the
same date and in the same manner as a chapter of the laws of 2021 amend-
ing the private housing finance law relating to voting, election and
referendum procedures; to requirements regarding mutual housing compa-
nies considering dissolution and/or reconstitution; to certain duties of
a board of directors of a limited-profit housing company; and to prohib-
iting certain limited-profit housing companies from voluntarily dissolv-
ing during the state disaster emergency declared in response to the
outbreak of COVID-19, as proposed in legislative bills numbers S. 6412
and A. 7272, takes effect.
