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NY A07031
Bill
Status
Introduced
3/18/2025
Primary Sponsor
Michael Benedetto
Click for details
AI Summary
- Reduces the vote threshold for electing board members in mutual housing companies with 12,000 or more units from a traditional majority to just 20% plus one vote
- Applies specifically to shareholder votes involving board member elections at large mutual housing developments
- Amends Section 13-c of the private housing finance law by adding a new subdivision 6
- Takes effect immediately upon passage
Legislative Description
Decreases the percentage of votes needed for the election of board members in mutual housing companies with twelve thousand or more units to twenty percent plus one to constitute a majority for shareholder approval of such board members.
Last Action
referred to housing
1/7/2026
Committee Referrals
Housing3/18/2025
Full Bill Text
No bill text available