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Assembly Bill A7031

2025-2026 Legislative Session

Decreases the percentage of votes needed for the election of board members in mutual housing companies with twelve thousand or more units

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Current Bill Status - In Assembly Committee

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2025-A7031 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §13-c, Priv Hous Fin L

2025-A7031 (ACTIVE) - Summary

Decreases the percentage of votes needed for the election of board members in mutual housing companies with twelve thousand or more units to twenty percent plus one to constitute a majority for shareholder approval of such board members.

2025-A7031 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7031
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 18, 2025
                                ___________
 
 Introduced  by  M.  of  A.  BENEDETTO  --  read once and referred to the
   Committee on Housing
 
 AN ACT to amend the private housing finance  law,  in  relation  to  the
   number  of  votes  needed  for the election of board members in mutual
   housing companies with twelve thousand or more units

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 13-c of the private housing finance law is amended
 by adding a new subdivision 6 to read as follows:
   6. ANY SHAREHOLDER VOTE INVOLVING THE ELECTION OF BOARD MEMBERS  OF  A
 MUTUAL  HOUSING  COMPANY  WITH  TWELVE THOUSAND OR MORE UNITS SHALL ONLY
 REQUIRE TWENTY PERCENT PLUS ONE TO CONSTITUTE A MAJORITY FOR SHAREHOLDER
 APPROVAL OF SUCH BOARD MEMBERS.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10374-02-5

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