Bill Text: NY A00537 | 2009-2010 | General Assembly | Amended
Bill Title: 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.
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: (Introduced - Dead) 2010-06-24 - print number 537a [A00537 Detail]
Download: New_York-2009-A00537-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
537--A
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. DINOWITZ, COLTON, KAVANAGH -- Multi-Sponsored by
-- M. of A. BALL, FARRELL, GOTTFRIED -- read once and referred to the
Committee on Housing -- recommitted to the Committee on Housing in
accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the general business law, in relation to plans for
conversions of residences to cooperative or condominium ownership
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 2 of section 352-eee of the general business
2 law is amended by adding a new paragraph (g) to read as follows:
3 (G) THE PLAN PROVIDES, IF TWENTY OR MORE UNITS ARE PROPOSED IN SUCH
4 PLAN, THAT A MAJORITY OF THE BOARD OF DIRECTORS OR MANAGERS SHALL BE
5 ELECTED BY THE SHAREHOLDERS OR UNIT OWNERS WHO ARE IN OCCUPANCY UPON THE
6 FIRST TO OCCUR OF ANY OF THE FOLLOWING:
7 (I) FIFTY-ONE PERCENT OF THE SHARES OR UNITS HAVE BEEN SOLD;
8 (II) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
9 SPONSOR OR A SUCCESSOR IN INTEREST, WITHIN THIRTY-SIX MONTHS FROM THE
10 TIME THE PLAN IS DECLARED EFFECTIVE; OR
11 (III) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
12 SPONSOR OR A SUCCESSOR IN INTEREST, WITHIN THIRTY-SIX MONTHS OF THE
13 EFFECTIVE DATE OF THIS PARAGRAPH.
14 S 2. Subdivision 2 of section 352-eeee of the general business law is
15 amended by adding a new paragraph (g) to read as follows:
16 (G) THE PLAN PROVIDES, IF TWENTY OR MORE UNITS ARE PROPOSED IN SUCH
17 PLAN, THAT A MAJORITY OF THE BOARD OF DIRECTORS OR MANAGERS SHALL BE
18 ELECTED BY THE SHAREHOLDERS OR UNIT OWNERS WHO ARE IN OCCUPANCY UPON THE
19 FIRST TO OCCUR OF ANY OF THE FOLLOWING:
20 (I) FIFTY-ONE PERCENT OF THE SHARES OR UNITS HAVE BEEN SOLD;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02591-04-0
A. 537--A 2
1 (II) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
2 SPONSOR OR A SUCCESSOR IN INTEREST, WITHIN THIRTY-SIX MONTHS FROM THE
3 TIME THE PLAN IS DECLARED EFFECTIVE; OR
4 (III) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
5 SPONSOR OR A SUCCESSOR IN INTEREST, WITHIN THIRTY-SIX MONTHS OF THE
6 EFFECTIVE DATE OF THIS PARAGRAPH.
7 S 3. This act shall take effect immediately; provided that the amend-
8 ment to section 352-eee of the general business law made by section one
9 of this act shall not affect the expiration of such section and shall
10 expire therewith and the amendment to section 352-eeee of the general
11 business law made by section two of this act shall not affect the expi-
12 ration of such section and shall expire therewith.
