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Assembly Bill A2931

2009-2010 Legislative Session

Allows homeowners associations organized as for profit corporations to merge into homeowners associations organized as not-for-profit corporations

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Archive: Last Bill Status - In Assembly Committee

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2009-A2931 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Business Corporation Law
Laws Affected:
Amd ยง904-b, Bus Corp L

2009-A2931 (ACTIVE) - Summary

Allows homeowners associations organized as for profit corporations to merge into homeowners associations organized as not-for-profit corporations.

2009-A2931 (ACTIVE) - Bill Text download pdf 

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

                                  2931

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 21, 2009
                               ___________

Introduced  by  M.  of  A.  KOON -- Multi-Sponsored by -- M. of A. COOK,
  LAVINE, N. RIVERA -- read once and referred to the Committee on Corpo-
  rations, Authorities and Commissions

AN ACT to amend the business corporation law, in  relation  to  allowing
  homeowners  associations organized as for profit corporations to merge
  with homeowners associations organized as not-for-profit corporations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraphs  (a)  and (f) of section 904-b of the business
corporation law, as added by chapter  485  of  the  laws  of  1999,  are
amended to read as follows:
  (a) A domestic business corporation may be merged or consolidated into
a  domestic  corporation formed under section two hundred one (Purposes)
of the not-for-profit corporation law  and  authorized  to  do  business
EITHER under article forty-three of the insurance law OR AS A HOMEOWNERS
ASSOCIATION THAT IS A TYPE A CORPORATION UNDER THE NOT-FOR-PROFIT CORPO-
RATION LAW.
  (f)  No  certificate  shall be filed pursuant to this section until an
order approving the plan of merger or consolidation and authorizing  the
filing  of  the  certificate  has  been  made  by  the supreme court, as
provided in section nine hundred seven of the not-for-profit corporation
law. IN THE CASE OF A HOMEOWNERS ASSOCIATION THAT IS  A  TYPE  A  CORPO-
RATION  UNDER  THE  NOT-FOR-PROFIT  CORPORATION LAW, NO SUCH APPROVAL IS
REQUIRED AS LONG AS THE APPROVALS SET FORTH IN THIS  SECTION  HAVE  BEEN
OBTAINED.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01624-01-9

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