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 - In Committee


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

do you support this bill?

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 - Bill Details

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

S1275 - Bill Texts

view 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.

view sponsor memo
BILL NUMBER:S1275

TITLE OF BILL:
An act
to amend the private housing financing law, in relation to the
dissolution of certain limited-profit housing companies

PURPOSE OR GENERAL IDEA OF BILL:
To require that, whenever the dissolution of a limited-profit housing
company is proposed, the vote taken may not be done by proxy.

SUMMARY OF SPECIFIC PROVISIONS:
Section one amends section 35 of the private housing finance law by
adding a new subdivision 5 that says that no mutual company may be
dissolved except by affirmative vote of 2/3 or more of the holders of
all outstanding shares of the company and that no person who has a
right to cast a vote may do so by proxy or by any other means except
in person.

An exception is made for persons who are certified by a physician as
unable to cast a vote by reason of illness or disability.

JUSTIFICATION:
The bill prevents the dissolution of certain limited-profit housing
companies when persons who have a right to vote cannot be present to
vote in person. It allows for such voting to be carried out only in
person, and not by proxy vote. This will ensure that persons who have
a right to take such vote, crucial to the future of their homes'
existence, will be voting in person.

PRIOR LEGISLATIVE HISTORY:
2004: S.7666 (Duane), Died in Rules; A.11745 (Sanders), Died in Housing
2005: S.2573 (Duane), Died in Housing
2006: S.2573 (Duane), Died in Housing
2007: S.1877 (Duane), Died in Housing
2008: S.1877 (Duane), Died in Housing
2009: S.1342 (Duane), Died in Housing
2010: S.1342 (Duane), Died in Housing

FISCAL IMPLICATIONS:
None to State.

EFFECTIVE DATE:
Immediately.

view full 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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.