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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the private housing financing law, in relation to the dissolution of certain limited-profit housing companies
Purpose or general idea of bill
To require that, whenever the dissolution of a limited-profit housing company is proposed, the vote taken may not be done by proxy.
Summary of specific provisions
Section one amends section 35 of the private housing finance law by adding a new subdivision 5 that says that no mutual company may be dissolved except by affirmative vote of 2/3 or more of the holders of all outstanding shares of the company and that no person who has a right to cast a vote may do so by proxy or by any other means except in person.
An exception is made for persons who are certified by a physician as unable to cast a vote by reason of illness or disability.
Justification
The bill prevents the dissolution of certain limited-profit housing companies when persons who have a right to vote cannot be present to vote in person. It allows for such voting to be carried out only in person, and not by proxy vote. This will ensure that persons who have a right to take such vote, crucial to the future of their homes' existence, will be voting in person.
Fiscal implications
None to State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.