Bill Text: NY S02338 | 2017-2018 | General Assembly | Introduced


Bill Title: Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders between failed dissolution votes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S02338 Detail]

Download: New_York-2017-S02338-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          2338
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 13, 2017
                                       ___________
        Introduced by Sen. ALCANTARA -- read twice and ordered printed, and when
          printed  to be committed to the Committee on Housing, Construction and
          Community Development
        AN ACT to amend the private housing finance law, in relation to initiat-
          ing a four-year moratorium on privatization  voting  by  Mitchell-Lama
          building shareholders
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 35 of the private housing finance law is amended by
     2  adding a new subdivision 5 to read as follows:
     3    5. (a) In the event of a failed voluntary dissolution vote by a compa-
     4  ny subject to this article, there shall be  a  four-year  moratorium  on
     5  voluntary dissolution voting by such company.
     6    (b) Any city, town or village may enact local laws, ordinances, resol-
     7  utions  or  regulations not less restrictive than those provided in this
     8  subdivision.
     9    (c) The provisions of this subdivision shall not diminish the require-
    10  ments of any other law which may apply to such action.
    11    § 2. This act shall take effect on the ninetieth day  after  it  shall
    12  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05427-01-7
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