Senate Bill S6652

Signed By Governor
2017-2018 Legislative Session

Relates to conflicts of interests for cooperative housing

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Archive: Last Bill Status Via A8261 - Signed by Governor


  • 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

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Bill Amendments

2017-S6652 - Details

Law Section:
Real Property Law
Laws Affected:
Add Art 9-C §341, RP L

2017-S6652 - Summary

Requires condominium and cooperative housing corporations to submit an annual report to the members of the governing board regarding information about contracts entered into that were subject to certain transactions.

2017-S6652 - Sponsor Memo

2017-S6652 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6652
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 9, 2017
                                ___________
 
 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 real property  law,  in  relation  to  conflicts  of
   interests for cooperative housing
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property law is amended by adding  a  new  article
 9-C to read as follows:
                                ARTICLE 9-C
                            COOPERATIVE HOUSING
 SECTION 341. ANNUAL REPORTS FOR CERTAIN TRANSACTIONS REQUIRED.
   §  341.  ANNUAL  REPORTS  FOR  CERTAIN TRANSACTIONS REQUIRED. 1. EVERY
 COOPERATIVE HOUSING CORPORATION, INCORPORATED PURSUANT TO  THE  NOT-FOR-
 PROFIT CORPORATION LAW, SHALL, AT LEAST ONCE EACH YEAR:
   (A)  REQUIRE THAT EACH DIRECTOR, AS DEFINED IN PARAGRAPH SIX OF SUBDI-
 VISION (A) OF SECTION ONE HUNDRED TWO OF THE NOT-FOR-PROFIT  CORPORATION
 LAW, RECEIVE A COPY OF SECTION SEVEN HUNDRED FIFTEEN OF THE NOT-FOR-PRO-
 FIT CORPORATION LAW; AND
   (B)  SUBMIT  AN  ANNUAL REPORT TO THE ATTORNEY GENERAL OF THE STATE OF
 NEW YORK, WHICH SHALL BE SIGNED BY EACH SUCH DIRECTOR, CONTAINING INFOR-
 MATION ON ANY CONTRACTS MADE, ENTERED INTO, OR OTHERWISE VOTED ON BY THE
 BOARD OF DIRECTORS THAT WERE SUBJECT TO SECTION SEVEN HUNDRED FIFTEEN OF
 THE NOT-FOR-PROFIT CORPORATION LAW.
   2. EVERY COOPERATIVE HOUSING CORPORATION, INCORPORATED PURSUANT TO THE
 BUSINESS CORPORATION LAW, SHALL, AT LEAST ONCE EACH YEAR:
   (A) REQUIRE THAT EACH DIRECTOR, AS DEFINED IN PARAGRAPH FIVE OF SUBDI-
 VISION (A) OF SECTION ONE HUNDRED TWO OF THE BUSINESS  CORPORATION  LAW,
 RECEIVE  A COPY OF SECTION SEVEN HUNDRED THIRTEEN OF THE BUSINESS CORPO-
 RATION LAW; AND
   (B) SUBMIT AN ANNUAL REPORT TO THE ATTORNEY GENERAL OF  THE  STATE  OF
 NEW YORK, WHICH SHALL BE SIGNED BY EACH SUCH DIRECTOR, CONTAINING INFOR-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2017-S6652A (ACTIVE) - Details

Law Section:
Real Property Law
Laws Affected:
Add Art 9-C §341, RP L

2017-S6652A (ACTIVE) - Summary

Requires condominium and cooperative housing corporations to submit an annual report to the members of the governing board regarding information about contracts entered into that were subject to certain transactions.

2017-S6652A (ACTIVE) - Sponsor Memo

2017-S6652A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6652--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 9, 2017
                                ___________
 
 Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Rules  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  to  amend  the  not-for-profit corporation law and the business
   corporation law, in relation to conflicts of interests for condominium
   and cooperative housing
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The not-for-profit corporation law is amended by adding a
 new section 519-a to read as follows:
 § 519-A. ANNUAL REPORTS FOR CERTAIN TRANSACTIONS REQUIRED.
   (A) EVERY CONDOMINIUM OR COOPERATIVE HOUSING CORPORATION, INCORPORATED
 PURSUANT TO THIS CHAPTER, SHALL, AT LEAST ONCE EACH YEAR:
   (1) REQUIRE THAT EACH DIRECTOR, AS DEFINED IN PARAGRAPH SIX OF  SUBDI-
 VISION (A) OF SECTION ONE HUNDRED TWO OF THIS CHAPTER, RECEIVE A COPY OF
 SECTION SEVEN HUNDRED FIFTEEN OF THIS CHAPTER; AND
   (2) PROVIDE AN ANNUAL REPORT TO THE MEMBERS OR TO THE GOVERNING BOARD,
 IF  THERE  ARE  NO MEMBERS, WHICH SHALL BE SIGNED BY EACH SUCH DIRECTOR,
 CONTAINING INFORMATION ON ANY CONTRACTS MADE, ENTERED INTO, OR OTHERWISE
 VOTED ON BY THE BOARD OF DIRECTORS THAT WERE CONSIDERED A RELATED  PARTY
 TRANSACTION PURSUANT TO SECTION SEVEN HUNDRED FIFTEEN OF THIS CHAPTER.
   (B)  THE  ANNUAL  REPORT  REQUIRED  BY SUBDIVISION (A) OF THIS SECTION
 SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING:
   (1) A LIST OF ALL CONTRACTS  VOTED  ON  BY  THE  BOARD  OF  DIRECTORS,
 INCLUDING  INFORMATION  ON  THE CONTRACT RECIPIENT, CONTRACT AMOUNT, AND
 THE PURPOSE OF ENTERING INTO THE CONTRACT;
   (2) THE RECORD OF EACH MEETING INCLUDING DIRECTOR  ATTENDANCE,  VOTING
 RECORDS  FOR  CONTRACTS,  AND HOW EACH DIRECTOR VOTED ON SUCH CONTRACTS;
 AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13036-05-7
              

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