Bill Text: NY A04843 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 4843 (Prior Session Legislation)

Introduced

Bill Title: Provides for the appeal of disputes between shareholders and boards of directors of residential cooperatives to a hearing officer appointed by the attorney general.

Spectrum: Slight Partisan Bill (Republican 5-3)

Status: (Introduced - Dead) 2020-01-08 - referred to corporations, authorities and commissions [A04843 Detail]

Download: New_York-2019-A04843-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          4843
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 5, 2019
                                       ___________
        Introduced  by  M.  of  A.  GARBARINO  -- Multi-Sponsored by -- M. of A.
          COLTON, COOK, FINCH, LAVINE, MONTESANO, PALUMBO, RA -- read  once  and
          referred to the Committee on Corporations, Authorities and Commissions
        AN  ACT to amend the cooperative corporations law and the executive law,
          in relation to providing for the resolution of  disputes  between  the
          board  of  directors  of  residential  cooperative  corporations and a
          shareholder to be determined by a hearing  officer  appointed  by  the
          attorney general
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The cooperative corporations law is amended by adding a new
     2  section 78 to read as follows:
     3    § 78. Disputes to be heard by attorney  general;  residential  cooper-
     4  ative. A shareholder in a cooperative corporation which owns residential
     5  real  property  may  appeal  any decision by such corporation's board of
     6  directors to a hearing officer appointed by the attorney general  pursu-
     7  ant  to  subdivision  seventeen  of section sixty-three of the executive
     8  law. A hearing upon such appeal shall be heard within sixty days of  the
     9  filing  thereof  with the department of law, with notice to the board of
    10  directors. The hearing officer shall provide each party  an  opportunity
    11  to  be  heard  and  render final determination based on the evidence and
    12  testimony presented at the hearing.
    13    § 2. Section 63 of the executive law is amended by adding a new subdi-
    14  vision 17 to read as follows:
    15    17. Establish an appeals process for  the  determination  of  disputes
    16  between  shareholders  and the boards of directors of cooperative corpo-
    17  rations pursuant to section  seventy-eight  of  the  cooperative  corpo-
    18  rations law. The attorney general shall appoint and empower such hearing
    19  officers as shall be necessary to hear and determine such appeals.
    20    §  3.  This act shall take effect immediately, except that section one
    21  of this act shall take effect on the first of  January  next  succeeding
    22  the date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04372-01-9