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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to voting rights in cooperative apartments
In Assembly Committee · Housing · Sponsor Jeffrey Dinowitz
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general business law, in relation to prohibiting a sponsor from becoming a director or voting on the board after a building has been converted to a cooperative apartment building or condominium ownership
Purpose or general idea of the bill
To insure that once a housing project or facility has been converted into a co-op from a rental apartment building a sponsor cannot become a director or vote on the board after a building has been converted to a cooperative apartment building.
Summary of provisions
Amends the General Business Law by adding a new paragraph (vi) to subdivision 1 of section 352-ee, paragraph (g) to subdivision 2 of section 352-eee, and paragraph (g) to subdivision 2 of section 352-eeee.
Justification
This bill would eliminate the possibility of landlords holding a seat on the board of directors or be allowed to vote any shares after conversion to cooperative ownership. Presently there are no laws that state that once a landlord sells apartments from his or her apartment building, thus establishing a cooperative apartment building, he or she cannot hold a seat on the board of directors or be allowed to vote any shares after conversion to cooperative ownership. This bill would prohibit landlords from holding a seat on board of directors and voting on matters which rightfully are no longer under the landlords' jurisdiction.
Legislative history
2007-08: A.3232 - Referred to Housing 2005-06: A.1461 - Referred to Housing 2003-04: A.3031 - Referred to Housing 2001-02: A.1130 - Referred to Housing 1999-2000: A.2018 - Referred to Housing
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to plans submitted on and after such date; provided, however, that the amendments to sections 352-eee and 352-eeee of the general business law made by sections two and three of this act shall not affect the expiration of such sections and shall be deemed to expire therewith.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.