Assembly Bill A8261

Signed By Governor
2017-2018 Legislative Session

Relates to conflicts of interests for cooperative housing

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Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2017-A8261 - Details

See Senate Version of this Bill:
S6652
Law Section:
Real Property Law
Laws Affected:
Add Art 9-C §341, RP L

2017-A8261 - Summary

Requires condominium and cooperative housing corporations to submit an annual report to the members of the governing board regarding information about contracts entered into that were subject to certain transactions.

2017-A8261 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8261
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2017
                                ___________
 
 Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the real property  law,  in  relation  to  conflicts  of
   interests for cooperative housing
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The real property law is amended by adding  a  new  article
 9-C to read as follows:
                                ARTICLE 9-C
                            COOPERATIVE HOUSING
 SECTION 341. ANNUAL REPORTS FOR CERTAIN TRANSACTIONS REQUIRED.
   §  341.  ANNUAL  REPORTS  FOR  CERTAIN TRANSACTIONS REQUIRED. 1. EVERY
 COOPERATIVE HOUSING CORPORATION, INCORPORATED PURSUANT TO  THE  NOT-FOR-
 PROFIT CORPORATION LAW, SHALL, AT LEAST ONCE EACH YEAR:
   (A)  REQUIRE THAT EACH DIRECTOR, AS DEFINED IN PARAGRAPH SIX OF SUBDI-
 VISION (A) OF SECTION ONE HUNDRED TWO OF THE NOT-FOR-PROFIT  CORPORATION
 LAW, RECEIVE A COPY OF SECTION SEVEN HUNDRED FIFTEEN OF THE NOT-FOR-PRO-
 FIT CORPORATION LAW; AND
   (B)  SUBMIT  AN  ANNUAL REPORT TO THE ATTORNEY GENERAL OF THE STATE OF
 NEW YORK, WHICH SHALL BE SIGNED BY EACH SUCH DIRECTOR, CONTAINING INFOR-
 MATION ON ANY CONTRACTS MADE, ENTERED INTO, OR OTHERWISE VOTED ON BY THE
 BOARD OF DIRECTORS THAT WERE SUBJECT TO SECTION SEVEN HUNDRED FIFTEEN OF
 THE NOT-FOR-PROFIT CORPORATION LAW.
   2. EVERY COOPERATIVE HOUSING CORPORATION, INCORPORATED PURSUANT TO THE
 BUSINESS CORPORATION LAW, SHALL, AT LEAST ONCE EACH YEAR:
   (A) REQUIRE THAT EACH DIRECTOR, AS DEFINED IN PARAGRAPH FIVE OF SUBDI-
 VISION (A) OF SECTION ONE HUNDRED TWO OF THE BUSINESS  CORPORATION  LAW,
 RECEIVE  A COPY OF SECTION SEVEN HUNDRED THIRTEEN OF THE BUSINESS CORPO-
 RATION LAW; AND
   (B) SUBMIT AN ANNUAL REPORT TO THE ATTORNEY GENERAL OF  THE  STATE  OF
 NEW YORK, WHICH SHALL BE SIGNED BY EACH SUCH DIRECTOR, CONTAINING INFOR-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2017-A8261A (ACTIVE) - Details

See Senate Version of this Bill:
S6652
Law Section:
Real Property Law
Laws Affected:
Add Art 9-C §341, RP L

2017-A8261A (ACTIVE) - Summary

Requires condominium and cooperative housing corporations to submit an annual report to the members of the governing board regarding information about contracts entered into that were subject to certain transactions.

2017-A8261A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8261--A
                                                            R. R. 269
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2017
                                ___________
 
 Introduced  by  M. of A. CYMBROWITZ, BARRON -- read once and referred to
   the Committee on Housing -- reported and referred to the Committee  on
   Rules  -- ordered to a third reading, passed by Assembly and delivered
   to the Senate, recalled  from  the  Senate,  vote  reconsidered,  bill
   amended,  ordered  reprinted, retaining its place on the special order
   of third reading
 
 AN ACT to amend the not-for-profit  corporation  law  and  the  business
   corporation law, in relation to conflicts of interests for condominium
   and cooperative housing
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The not-for-profit corporation law is amended by  adding  a
 new section 519-a to read as follows:
 § 519-A. ANNUAL REPORTS FOR CERTAIN TRANSACTIONS REQUIRED.
   (A) EVERY CONDOMINIUM OR COOPERATIVE HOUSING CORPORATION, INCORPORATED
 PURSUANT TO THIS CHAPTER, SHALL, AT LEAST ONCE EACH YEAR:
   (1)  REQUIRE THAT EACH DIRECTOR, AS DEFINED IN PARAGRAPH SIX OF SUBDI-
 VISION (A) OF SECTION ONE HUNDRED TWO OF THIS CHAPTER, RECEIVE A COPY OF
 SECTION SEVEN HUNDRED FIFTEEN OF THIS CHAPTER; AND
   (2) PROVIDE AN ANNUAL REPORT TO THE MEMBERS OR TO THE GOVERNING BOARD,
 IF THERE ARE NO MEMBERS, WHICH SHALL BE SIGNED BY  EACH  SUCH  DIRECTOR,
 CONTAINING INFORMATION ON ANY CONTRACTS MADE, ENTERED INTO, OR OTHERWISE
 VOTED  ON BY THE BOARD OF DIRECTORS THAT WERE CONSIDERED A RELATED PARTY
 TRANSACTION PURSUANT TO SECTION SEVEN HUNDRED FIFTEEN OF THIS CHAPTER.
   (B) THE ANNUAL REPORT REQUIRED BY  SUBDIVISION  (A)  OF  THIS  SECTION
 SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING:
   (1)  A  LIST  OF  ALL  CONTRACTS  VOTED  ON BY THE BOARD OF DIRECTORS,
 INCLUDING INFORMATION ON THE CONTRACT RECIPIENT,  CONTRACT  AMOUNT,  AND
 THE PURPOSE OF ENTERING INTO THE CONTRACT;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13036-04-7
              

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