Assembly Bill A5326

2021-2022 Legislative Session

Provides for the appeal of disputes between shareholders and boards of directors of residential cooperative corporations to a hearing officer appointed by the attorney general

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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2021-A5326 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Cooperative Corporations Law
Laws Affected:
Add §78, Coop Corps L; amd §63, Exec L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5838
2015-2016: A1426
2017-2018: A5472
2019-2020: A4843
2023-2024: A2768

2021-A5326 (ACTIVE) - Summary

Provides for the appeal of disputes between shareholders and boards of directors of residential cooperatives to a hearing officer appointed by the attorney general.

2021-A5326 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5326
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2021
                                ___________
 
 Introduced  by  M.  of  A.  GANDOLFO  --  Multi-Sponsored by -- M. of A.
   COLTON, COOK, LAVINE, MONTESANO, RA -- read once and referred  to  the
   Committee on Corporations, Authorities and Commissions
 
 AN  ACT to amend the cooperative corporations law and the executive law,
   in relation to providing for the resolution of  disputes  between  the
   board  of  directors  of  residential  cooperative  corporations and a
   shareholder to be determined by a hearing  officer  appointed  by  the
   attorney general
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The cooperative corporations law is amended by adding a new
 section 78 to read as follows:
   § 78. DISPUTES TO BE HEARD BY ATTORNEY  GENERAL;  RESIDENTIAL  COOPER-
 ATIVE. A SHAREHOLDER IN A COOPERATIVE CORPORATION WHICH OWNS RESIDENTIAL
 REAL  PROPERTY  MAY  APPEAL  ANY DECISION BY SUCH CORPORATION'S BOARD OF
 DIRECTORS TO A HEARING OFFICER APPOINTED BY THE ATTORNEY GENERAL  PURSU-
 ANT  TO  SUBDIVISION  SEVENTEEN  OF SECTION SIXTY-THREE OF THE EXECUTIVE
 LAW. A HEARING UPON SUCH APPEAL SHALL BE HEARD WITHIN SIXTY DAYS OF  THE
 FILING  THEREOF  WITH THE DEPARTMENT OF LAW, WITH NOTICE TO THE BOARD OF
 DIRECTORS. THE HEARING OFFICER SHALL PROVIDE EACH PARTY  AN  OPPORTUNITY
 TO  BE  HEARD  AND  RENDER FINAL DETERMINATION BASED ON THE EVIDENCE AND
 TESTIMONY PRESENTED AT THE HEARING.
   § 2. Section 63 of the executive law is amended by adding a new subdi-
 vision 17 to read as follows:
   17. ESTABLISH AN APPEALS PROCESS FOR  THE  DETERMINATION  OF  DISPUTES
 BETWEEN  SHAREHOLDERS  AND THE BOARDS OF DIRECTORS OF COOPERATIVE CORPO-
 RATIONS PURSUANT TO SECTION  SEVENTY-EIGHT  OF  THE  COOPERATIVE  CORPO-
 RATIONS LAW. THE ATTORNEY GENERAL SHALL APPOINT AND EMPOWER SUCH HEARING
 OFFICERS AS SHALL BE NECESSARY TO HEAR AND DETERMINE SUCH APPEALS.
   §  3.  This act shall take effect immediately, except that section one
 of this act shall take effect on the first of  January  next  succeeding
 the date on which it shall have become a law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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