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Assembly Bill A1724

2023-2024 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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2023-A1724 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Amd §§352-eee & 352-eeee, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: A537
2011-2012: A796
2013-2014: A305
2015-2016: A311
2017-2018: A3901
2019-2020: A3171
2021-2022: A2356

2023-A1724 (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.

2023-A1724 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1724
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2023
                                ___________
 
 Introduced by M. of A. DINOWITZ, COLTON -- 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.
   § 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
   (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.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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