Bill Text: NY S04956 | 2019-2020 | General Assembly | Amended
Bill Title: Requires the board of directors of certain cooperative corporations and not-for-profit corporations to provide tenants with changes to the by-laws in writing within ten days of adoption; requires notification to tenants of changes affecting occupancy or the rules of the building.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-11-25 - SIGNED CHAP.558 [S04956 Detail]
Download: New_York-2019-S04956-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4956--A Cal. No. 1144 2019-2020 Regular Sessions IN SENATE April 2, 2019 ___________ Introduced by Sen. BENJAMIN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- committee discharged and said bill committed to the Committee on Rules -- ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the business corporation law and the not-for-profit corporation law, in relation to requiring the board of directors of residential cooperative corporations and not-for-profit corporations to provide tenants with changes to the by-laws in writing within ten days of adoption; in relation to notification to tenants of changes affecting occupancy or the rules of the building The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 708 of the business corporation law is amended by 2 adding two new subdivisions (e) and (f) to read as follows: 3 (e) In the case of corporations owning or leasing residential premises 4 and operating the same on a cooperative basis, changes including the 5 adoption, amendment or repeal of the by-laws by the board of directors 6 shall be provided to the members, stockholders, and delegates of such 7 corporation in writing, by physical or electronic means, within ten days 8 of such adoption. 9 (f) Upon the adoption, amendment or repeal of by-laws by the board of 10 directors of a corporation owning or leasing residential premises and 11 operating the same on a cooperative basis pursuant to subdivision (e) of 12 this section, where such change would have a direct effect on the resi- 13 dent's occupancy or the rules of the building, the board of directors 14 shall post the adopted, amended, or repealed by-laws conspicuously to 15 ensure tenants will be aware of such adoption. 16 § 2. Section 602 of the not-for-profit corporation law is amended by 17 adding a new paragraph (g) to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01517-03-9S. 4956--A 2 1 (g) In the case of residential not-for-profit corporations, changes 2 including the adoption, amendment or repeal of the by-laws by the board 3 of directors shall be provided to the members, stockholders, and deleg- 4 ates of such corporation in writing, by physical or electronic means, 5 within ten days of such adoption. 6 § 3. The not-for-profit corporation law is amended by adding a new 7 section 624 to read as follows: 8 § 624. Notification to tenants. 9 Upon the adoption, amendment or repeal of the by-laws by the board of 10 directors pursuant to paragraph (g) of section 602 (By-laws), where such 11 change would have a direct effect on the resident's occupancy or the 12 rules of the building, the board of directors shall post the adopted, 13 amended, or repealed by-laws conspicuously to ensure tenants will be 14 aware of such adoption. 15 § 4. This act shall take effect on the sixtieth day after it shall 16 have become a law.
