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NY A01724
Bill
Status
1/20/2023
Primary Sponsor
Jeffrey Dinowitz
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 occupied shareholders or unit owners, applying only to plans with 20 or more units.
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Board control transfers to unit owners upon the first occurrence of: 51 percent of shares or units being 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 the same requirement to both cooperative conversions (under General Business Law Section 352-eee) and condominium conversions (under General Business Law Section 352-eeee).
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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
1/3/2024