Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to housing, construction and community development |
Jan 06, 2011 |
referred to housing, construction and community development |
Senate Bill S1275
2011-2012 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2011-S1275 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd ยง35, Priv Hous Fin L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S1342
2013-2014: S28
2011-S1275 (ACTIVE) - Sponsor Memo
BILL NUMBER:S1275 TITLE OF BILL: An act to amend the private housing financing law, in relation to the dissolution of certain limited-profit housing companies PURPOSE OR GENERAL IDEA OF BILL: To require that, whenever the dissolution of a limited-profit housing company is proposed, the vote taken may not be done by proxy. SUMMARY OF SPECIFIC PROVISIONS: Section one amends section 35 of the private housing finance law by adding a new subdivision 5 that says that no mutual company may be dissolved except by affirmative vote of 2/3 or more of the holders of all outstanding shares of the company and that no person who has a right to cast a vote may do so by proxy or by any other means except in person. An exception is made for persons who are certified by a physician as unable to cast a vote by reason of illness or disability. JUSTIFICATION: The bill prevents the dissolution of certain limited-profit housing companies when persons who have a right to vote cannot be present to vote in person. It allows for such voting to be carried out only in
2011-S1275 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1275 2011-2012 Regular Sessions I N S E N A T E January 6, 2011 ___________ Introduced by Sen. DUANE -- 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 financing law, in relation to the dissolution of certain limited-profit housing companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 35 of the private housing finance law is amended by adding a new subdivision 5 to read as follows: 5. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS SECTION OR ANY OTHER PROVISION OF ANY GENERAL, SPECIAL, OR LOCAL LAW, NO MUTUAL COMPANY MAY BE DISSOLVED EXCEPT UPON THE AFFIRMATIVE VOTE OF TWO-THIRDS OR MORE OF THE HOLDERS OF ALL OUTSTANDING SHARES OF SUCH COMPANY. NO PERSON HAVING THE RIGHT TO CAST A VOTE MAY DO SO BY PROXY OR ANY MEANS OTHER THAN IN PERSON, UNLESS SUCH PERSON IS CERTIFIED BY A PHYSICIAN LICENSED TO PRACTICE MEDICINE IN THIS STATE AS UNABLE TO CAST SUCH PERSON'S VOTE IN PERSON BY REASON OF ILLNESS OR DISABILITY. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00958-01-1
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