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Assembly Bill A5693

2009-2010 Legislative Session

Governs election of board by residents of cooperatives and condominiums

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Archive: Last Bill Status - In Assembly Committee

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2009-A5693 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Amd ยงยง352-eee & 352-eeee, Gen Bus L

2009-A5693 (ACTIVE) - Summary

Requires that the board of directors or board of managers of a converted cooperative or condominium, as the case may be, must be comprised of a majority of members elected by shareholders or owners in occupancy so that control of the converted cooperative or condominium is turned over to the unit owners as soon as possible.

2009-A5693 (ACTIVE) - Bill Text download pdf 

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

                                  5693

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 17, 2009
                               ___________

Introduced  by  M.  of  A.  ESPAILLAT  -- Multi-Sponsored by -- M. of A.
  COLTON, V. LOPEZ, ROSENTHAL, TOWNS -- read once and  referred  to  the
  Committee on Housing

AN  ACT  to  amend  the  general  business law, in relation to plans for
  conversions of residences to cooperative or condominium ownership

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

  Section  1.  Subdivision  2 of section 352-eee of the general business
law is amended by adding a new paragraph (g) to read as follows:
  (G) THE PLAN PROVIDES THAT A MAJORITY OF THE  BOARD  OF  DIRECTORS  OR
MANAGERS  SHALL BE ELECTED BY THE SHAREHOLDERS OR UNIT OWNERS WHO ARE IN
OCCUPANCY UPON THE FIRST TO OCCUR OF ANY OF THE FOLLOWING:
  (I) FIFTY-ONE PERCENT OF THE SHARES OR UNITS HAVE BEEN SOLD;
  (II) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS  HELD  BY  THE
SPONSOR  OR A SUCCESSOR IN INTEREST, WITHIN FIFTEEN MONTHS FROM THE TIME
THE PLAN IS DECLARED EFFECTIVE; OR
  (III) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD  BY  THE
SPONSOR  OR A SUCCESSOR IN INTEREST, WITHIN FIFTEEN MONTHS OF THE EFFEC-
TIVE DATE OF THIS PARAGRAPH.
  S 2. Subdivision 2 of section 352-eeee of the general business law  is
amended by adding a new paragraph (g) to read as follows:
  (G)  THE  PLAN  PROVIDES  THAT A MAJORITY OF THE BOARD OF DIRECTORS OR
MANAGERS SHALL BE ELECTED BY THE SHAREHOLDERS OR UNIT OWNERS WHO ARE  IN
OCCUPANCY UPON THE FIRST TO OCCUR OF ANY OF THE FOLLOWING:
  (I) FIFTY-ONE PERCENT OF THE SHARES OR UNITS HAVE BEEN SOLD;
  (II)  REGARDLESS  OF  THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
SPONSOR OR A SUCCESSOR IN INTEREST, WITHIN FIFTEEN MONTHS FROM THE  TIME
THE PLAN IS DECLARED EFFECTIVE; OR
  (III)  REGARDLESS  OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
SPONSOR OR A SUCCESSOR IN INTEREST, WITHIN FIFTEEN MONTHS OF THE  EFFEC-
TIVE DATE OF THIS PARAGRAPH.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02591-02-9

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