senate Bill S1275

2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to housing, construction and community development
Jan 06, 2011 referred to housing, construction and community development

S1275 - Details

Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in 2009-2010 Legislative Session:
S1342

S1275 - 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.

S1275 - Sponsor Memo

S1275 - Bill Text download pdf

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

                                  1275

                       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
  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.
                                                           LBD00958-01-1

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