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NY A00537
Bill
Status
1/7/2009
Primary Sponsor
Greg Ball
Click for details
AI Summary
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Requires that a majority of the board of directors or managers in cooperative or condominium conversions be elected by shareholder or unit owner occupants for plans with 20 or more units.
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Board control must transfer to occupant-elected representatives upon the first occurrence of: 51 percent of shares or units sold, 36 months from plan effectiveness, or 36 months from the effective date of this legislation.
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Applies the same requirement to both cooperative conversions (General Business Law Section 352-eee) and condominium conversions (General Business Law Section 352-eeee).
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Takes effect immediately but expires with the underlying sections of law that the amendments modify.
Legislative Description
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.
Last Action
print number 537a
6/24/2010