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NY S01659
Bill
Status
2/4/2009
Primary Sponsor
Pedro Espada
Click for details
AI Summary
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Requires cooperatives and condominiums with 20 or more units to have a majority of board directors elected by occupant shareholders or unit owners
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Board control must transfer to occupants upon the first of: 51 percent of shares or units sold, 36 months from plan effective date, or 36 months from this law's effective date
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Applies to both cooperative conversions (General Business Law § 352-eee) and condominium conversions (§ 352-eeee)
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Takes effect immediately but expires with the expiration dates of the underlying cooperative and condominium conversion statutes
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 1659A
6/23/2010