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NY A02356
Bill
Status
1/19/2021
Primary Sponsor
Jeffrey Dinowitz
Click for details
AI Summary
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Amends General Business Law sections 352-eee and 352-eeee to require that a majority of the board of directors or managers be elected by shareholders or unit owners in occupancy for cooperative and condominium conversions with 20 or more units.
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Board control transfers to occupants upon the first occurrence of: 51 percent of shares or units sold; 36 months from when the plan is declared effective; or 36 months from the effective date of this law.
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Applies regardless of how many unsold shares or units the sponsor or successor in interest retains.
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Takes effect immediately upon enactment.
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
referred to housing
1/5/2022