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NY A07272
Bill
Status
12/22/2021
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Requires all shareholder votes to use secret ballots cast in-person or by absentee ballot mailed to a neutral third party, and prohibits proxy voting for board elections, company dissolution, feasibility studies, and offering plans.
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Prevents persons from being barred from board candidacy based on arrears unless they currently owe more than two months of their monthly maintenance at time of nomination.
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Requires mutual housing companies seeking dissolution to obtain approval from 80 percent of all dwelling units, prohibits using operating funds for dissolution-related expenses, and prevents new dissolution votes within five years of a failed vote.
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Mandates housing company boards hold at least six annual open meetings, file public records of director votes, notify shareholders of regulatory communications, and investigate non-occupancy claims.
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Prohibits limited-profit housing companies from dissolving, semi-privatizing, or taking related actions during the COVID-19 state disaster emergency declared by Executive Order 202 of 2020, and protects shareholder rights to organize and meet without company interference or fees.
Legislative Description
Relates to voting, election and referendum procedures; requirements regarding mutual housing companies considering dissolution and/or reconstitution; duties of a board of directors of a limited-profit housing company; prohibits certain limited-profit housing companies from voluntarily dissolving during the state disaster emergency declared in response to the outbreak of COVID-19.
Last Action
approval memo.112
12/22/2021