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Assembly Bill A311

2015-2016 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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2015-A311 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Amd ยงยง352-eee & 352-eeee, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: A537
2011-2012: A796
2013-2014: A305
2017-2018: A3901
2019-2020: A3171
2021-2022: A2356
2023-2024: A1724

2015-A311 (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; applies only to plans of 20 or more units.

2015-A311 (ACTIVE) - Bill Text download pdf 

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

                                   311

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by M. of A. DINOWITZ, COLTON, KAVANAGH -- Multi-Sponsored by
  -- M. of A. FARRELL, GOTTFRIED, WRIGHT -- 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, IF TWENTY OR MORE UNITS ARE  PROPOSED  IN  SUCH
PLAN,  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 THIRTY-SIX 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 THIRTY-SIX MONTHS OF THE
EFFECTIVE 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, IF TWENTY OR MORE UNITS ARE PROPOSED IN SUCH
PLAN, 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 THIRTY-SIX  MONTHS  FROM  THE
TIME THE PLAN IS DECLARED EFFECTIVE; OR

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

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