S T A T E O F N E W Y O R K
________________________________________________________________________
7773
2021-2022 Regular Sessions
I N A S S E M B L Y
May 21, 2021
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Introduced by M. of A. BICHOTTE HERMELYN, DURSO, GLICK, EPSTEIN,
J. RIVERA, TAYLOR, JOYNER, SIMON -- read once and referred to the
Committee on Housing
AN ACT to amend the general business law, in relation to requiring the
board of directors of a cooperative apartment corporation to notify
applicants seeking to purchase shares of the corporation of the reason
or reasons the board of directors has refused such request
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The general business law is amended by adding a new section
352-m to read as follows:
§ 352-M. DENIAL OF RIGHT TO PURCHASE SHARES OF A COOPERATIVE CORPO-
RATION. IN THE EVENT THAT THE BOARD OF DIRECTORS OF A COOPERATIVE CORPO-
RATION DENIES THE REQUEST OF AN APPLICANT TO PURCHASE SHARES OF SUCH
CORPORATION ALLOTTED TO A PARTICULAR DWELLING UNIT, THE BOARD OF DIREC-
TORS SHALL NOTIFY SUCH APPLICANT IN WRITING OF THE REASON OR REASONS THE
BOARD OF DIRECTORS HAS DENIED THE REQUEST TO PURCHASE THE SHARES. SUCH
NOTIFICATION SHALL BE PROVIDED TO THE APPLICANT WITHIN THIRTY DAYS OF
THE BOARD'S DECISION TO DENY THE APPLICANT'S REQUEST TO PURCHASE THE
SHARES.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11324-01-1