Bill Text: NY S07279 | 2017-2018 | General Assembly | Introduced

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Bill Title: Clarifies the types of condominiums and cooperative housing corporations that shall submit annual reports for certain transactions.

Spectrum: Bipartisan Bill

Status: (Passed) 2018-04-18 - SIGNED CHAP.9 [S07279 Detail]

Download: New_York-2017-S07279-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7279
                    IN SENATE
                                     January 5, 2018
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to amend the not-for-profit  corporation  law  and  the  business
          corporation  law, in relation to annual reports submitted by condomin-
          ium and cooperative housing corporations
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  (a)  of  section 519-a of the not-for-profit
     2  corporation law, as added by a chapter of the laws of 2017, amending the
     3  not-for-profit corporation law and the business corporation law,  relat-
     4  ing  to  conflicts of interests for condominium and cooperative housing,
     5  as proposed in legislative  bills  numbers  S.6652-A  and  A.8261-A,  is
     6  amended to read as follows:
     7    (a)  [Every  condominium  or cooperative housing corporation, incorpo-
     8  rated pursuant to this chapter] A condominium created  pursuant  to  the
     9  real  property law or a cooperative housing corporation created pursuant
    10  to the business corporation law, shall, at least once each year:
    11    § 2. Subdivision (a) of section 727 of the business  corporation  law,
    12  as  added  by a chapter of the laws of 2017, amending the not-for-profit
    13  corporation law and the business corporation law, relating to  conflicts
    14  of  interests  for  condominium  and cooperative housing, as proposed in
    15  legislative bills numbers S.6652-A and A.8261-A, is amended to  read  as
    16  follows:
    17    (a)  [Every  condominium  or cooperative housing corporation, incorpo-
    18  rated pursuant to this chapter] A condominium created  pursuant  to  the
    19  real  property law or a cooperative housing corporation created pursuant
    20  to this chapter, shall, at least once each year:
    21    § 3. This act shall take effect on the  same  date  and  in  the  same
    22  manner  as  a  chapter  of the laws of 2017, amending the not-for-profit
    23  corporation law and the business corporation law, relating to  conflicts
    24  of  interests  for  condominium  and cooperative housing, as proposed in
    25  legislative bills numbers S.6652-A and A.8261-A, takes effect.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13036-06-7