Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 26, 2021 | referred to corporations, authorities and commissions |
senate Bill S2874
2021-2022 Legislative Session
Sponsored By
Brian Kavanagh
(D) 26th Senate District
Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Co-Sponsors
James Skoufis
(D) 39th Senate District
S2874 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1623
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Add §519-b, N-PC L; add §728, BC L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010: A3553
2011-2012: A3053
2013-2014: A4388
2015-2016: A6395
2017-2018: A3813
2019-2020: S6408, A1267
S2874 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2874 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the not-for-profit corporation law and the business corporation law, in relation to cooperative purchase applications PURPOSE: This bill would ensure that the process of purchasing cooperative hous- ing is fair, transparent and does the utmost to protect against illegal discrimination. SUMMARY OF PROVISIONS: Section one of the bill adds Section 519-B to the not-for-profit corpo- ration law. It requires any residential cooperative corporation formed as not-for-profits to create procedures for a uniform application proc- ess. Any residential cooperative corporation would need to provide writ- ten copies of these procedures to any prospective purchaser or seller
S2874 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2874 2021-2022 Regular Sessions I N S E N A T E January 26, 2021 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the not-for-profit corporation law and the business corporation law, in relation to cooperative purchase applications 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-b to read as follows: § 519-B. RESIDENTIAL COOPERATIVE CORPORATIONS; OWNERSHIP INTERESTS. (A) ANY RESIDENTIAL COOPERATIVE CORPORATION INCORPORATED PURSUANT TO THIS CHAPTER, SHALL ESTABLISH UNIFORM PROCESSES FOR APPLYING TO AND CONSIDERING APPLICATIONS FOR THE PURCHASE OF CERTIFICATES OF STOCK, A PROPRIETARY LEASE OR OTHER EVIDENCE OF AN OWNERSHIP INTEREST IN SUCH RESIDENTIAL COOPERATIVE CORPORATION. (B) WRITTEN NOTICE OF SUCH PROCESSES SHALL BE MADE AVAILABLE TO ANY PROSPECTIVE PURCHASERS AND PROSPECTIVE SELLERS, OR THEIR RESPECTIVE REAL ESTATE AGENTS, PROMPTLY UPON REQUEST. (C) AT A MINIMUM, SUCH PROCESSES SHALL REQUIRE THE COOPERATIVE CORPO- RATION, UPON RECEIVING AN APPLICATION FROM A PROSPECTIVE PURCHASER, TO ACKNOWLEDGE RECEIPT OF SUCH APPLICATION WITHIN TWENTY-ONE DAYS AND TO INCLUDE IN SUCH ACKNOWLEDGEMENT OF RECEIPT WHETHER THE APPLICATION SUBMITTED FULLY SATISFIES THE REQUIREMENTS THEREFOR, THE WAY OR WAYS THE SUBMITTED APPLICATION IS INCOMPLETE, AND ANY ADDITIONAL MATERIALS NECES- SARY TO EFFECTUATE CONSIDERATION OF THE APPLICATION. (D) THE PROCESSES ESTABLISHED PURSUANT TO THIS SECTION SHALL FURTHER REQUIRE THAT, FOLLOWING THE SUBMISSION OF A COMPLETED APPLICATION AND ALL ADDITIONAL MATERIALS REQUESTED IN THE ACKNOWLEDGEMENT OF RECEIPT, THE BOARD OF DIRECTORS SHALL NOTIFY THE PROSPECTIVE PURCHASER OR THEIR AGENT THAT THE APPLICATION IS COMPLETE. SUCH NOTICE SHALL STATE BY WHAT DATE REVIEW OF THE APPLICATION WILL BE COMPLETE AND WHEN THE PROSPECTIVE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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