Bill Text: NY A03901 | 2017-2018 | General Assembly | Introduced

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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: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2018-01-03 - referred to housing [A03901 Detail]

Download: New_York-2017-A03901-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3901
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 30, 2017
                                       ___________
        Introduced  by M. of A. DINOWITZ, COLTON, KAVANAGH -- Multi-Sponsored by
          -- M. of A.  FARRELL, GOTTFRIED, WRIGHT -- read once and  referred  to
          the Committee on Housing
        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    § 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;
    21    (ii)  regardless  of  the number of unsold shares or units held by the
    22  sponsor or a successor in interest, within thirty-six  months  from  the
    23  time the plan is declared effective; or
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03434-01-7
        A. 3901                             2
     1    (iii)  regardless  of the number of unsold shares or units held by the
     2  sponsor or a successor in interest,  within  thirty-six  months  of  the
     3  effective date of this paragraph.
     4    §  3. This act shall take effect immediately; provided that the amend-
     5  ment to section 352-eee of the general business law made by section  one
     6  of  this  act  shall not affect the expiration of such section and shall
     7  expire therewith and the amendment to section 352-eeee  of  the  general
     8  business  law made by section two of this act shall not affect the expi-
     9  ration of such section and shall expire therewith.