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History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
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.
Provides for the appeal of disputes between shareholders and boards of directors of residential cooperative corporations to a hearing officer appointed by the attorney general
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Andrew R. Garbarino
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4626
Title of bill
An act to amend the cooperative corporations law and the executive law, in relation to providing for the resolution of disputes between the board of directors of residential cooperative corporations and a shareholder to be determined by a hearing officer appointed by the attorney general
Purpose
To provide for the appeal of disputes between shareholders and boards of directors of residential cooperative corporations to a neutral hearing officer appointed by the attorney general.
Summary of provisions
Section 1 of the bill adds a new section 78 to the cooperative corporations law to provide that a shareholder in a cooperative corporation which owns residential real property may appeal any decision by such corporation's board of directors to a hearing officer appointed by the attorney general. This section further provides that a hearing upon appeal shall be heard within sixty days, and that the hearing officer shall provide each party an opportunity to be heard and render final determination based on the evidence and testimony presented at the hearing.
Section 2 amends executive law § 63 by adding a new subdivision 16 to require that the Attorney General establish an appeals process for the determination of disputes between shareholders and the boards of directors of cooperative corporations.
Section 3 provides the effective date
Justification
There have been numerous complaints by shareholders of cooperative corporations recently in connection with unreasonable actions taken by cooperative boards of directors. Presently, shareholders are bound by the decision of the board without a right to appeal to a neutral party. This bill would correct this situation by providing shareholders with an opportunity to appeal a determination of the board to a neutral hearing officer appointed by the attorney general.
Legislative history
S.7259/2012
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately, except that section one of this act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.