senate Bill S6652A

Signed By Governor
2017-2018 Legislative Session

Relates to conflicts of interests for cooperative housing

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Archive: Last Bill Status Via - Signed by Governor


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 13, 2017 approval memo.6
Sep 12, 2017 signed chap.305
Aug 31, 2017 delivered to governor
Jun 21, 2017 returned to assembly
passed senate
3rd reading cal.2180
substituted for s6652a
Jun 21, 2017 substituted by a8261a
ordered to third reading cal.2180
Jun 16, 2017 print number 6652a
Jun 16, 2017 amend (t) and recommit to rules
Jun 09, 2017 referred to rules

S6652 (ACTIVE) - Details

See Assembly Version of this Bill:
A8261
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §519-a, N-PC L; add §727, BC L

S6652 (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.

S6652 (ACTIVE) - Sponsor Memo

S6652 (ACTIVE) - Bill Text download pdf


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

                                  6652

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              June 9, 2017
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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.

S6652A (ACTIVE) - Details

See Assembly Version of this Bill:
A8261
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §519-a, N-PC L; add §727, BC L

S6652A (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.

S6652A (ACTIVE) - Sponsor Memo

S6652A (ACTIVE) - Bill Text download pdf


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

                                 6652--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              June 9, 2017
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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;
  (2) THE RECORD OF EACH MEETING INCLUDING DIRECTOR  ATTENDANCE,  VOTING
RECORDS  FOR  CONTRACTS,  AND HOW EACH DIRECTOR VOTED ON SUCH CONTRACTS;
AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13036-05-7

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