S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2356
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by  M. of A. DINOWITZ, COLTON -- Multi-Sponsored by -- M. of
   A. GOTTFRIED -- read once and referred to the Committee on Housing
 
 AN ACT to amend the general business  law,  in  relation  to  plans  for
   conversions of residences to cooperative or condominium ownership

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 2 of section 352-eee of  the  general  business
 law is amended by adding a new paragraph (g) to read as follows:
   (G)  THE  PLAN  PROVIDES, IF TWENTY OR MORE UNITS ARE PROPOSED IN SUCH
 PLAN, THAT A MAJORITY OF THE BOARD OF DIRECTORS  OR  MANAGERS  SHALL  BE
 ELECTED BY THE SHAREHOLDERS OR UNIT OWNERS WHO ARE IN OCCUPANCY UPON THE
 FIRST TO OCCUR OF ANY OF THE FOLLOWING:
   (I) FIFTY-ONE PERCENT OF THE SHARES OR UNITS HAVE BEEN SOLD;
   (II)  REGARDLESS  OF  THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
 SPONSOR OR A SUCCESSOR IN INTEREST, WITHIN THIRTY-SIX  MONTHS  FROM  THE
 TIME THE PLAN IS DECLARED EFFECTIVE; OR
   (III)  REGARDLESS  OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD BY THE
 SPONSOR OR A SUCCESSOR IN INTEREST,  WITHIN  THIRTY-SIX  MONTHS  OF  THE
 EFFECTIVE DATE OF THIS PARAGRAPH.
   §  2. Subdivision 2 of section 352-eeee of the general business law is
 amended by adding a new paragraph (g) to read as follows:
   (G) THE PLAN PROVIDES, IF TWENTY OR MORE UNITS ARE  PROPOSED  IN  SUCH
 PLAN,  THAT  A  MAJORITY  OF THE BOARD OF DIRECTORS OR MANAGERS SHALL BE
 ELECTED BY THE SHAREHOLDERS OR UNIT OWNERS WHO ARE IN OCCUPANCY UPON THE
 FIRST TO OCCUR OF ANY OF THE FOLLOWING:
   (I) FIFTY-ONE PERCENT OF THE SHARES OR UNITS HAVE BEEN SOLD;
   (II) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS  HELD  BY  THE
 SPONSOR  OR  A  SUCCESSOR IN INTEREST, WITHIN THIRTY-SIX MONTHS FROM THE
 TIME THE PLAN IS DECLARED EFFECTIVE; OR
   (III) REGARDLESS OF THE NUMBER OF UNSOLD SHARES OR UNITS HELD  BY  THE
 SPONSOR  OR  A  SUCCESSOR  IN  INTEREST, WITHIN THIRTY-SIX MONTHS OF THE
 EFFECTIVE DATE OF THIS PARAGRAPH.
   § 3. This act shall take effect immediately.
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05485-01-1