Requires a vote of two-thirds of total membership of stockholders to allow the sponsor of a cooperative apartment building or condominium units to become the managing agent after the conversion of the building.
STATE OF NEW YORK
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1084
2017-2018 Regular Sessions
IN ASSEMBLY
January 10, 2017
___________
Introduced by M. of A. DINOWITZ, KAVANAGH, COLTON -- read once and
referred to the Committee on Housing
AN ACT to amend the general business law, in relation to the managing
agent of a cooperative apartment building or condominium units
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraphs (iv) and (v) of subdivision 1 of section 352-ee
2 of the general business law, as added by chapter 509 of the laws of
3 1978, are amended and a new paragraph (vi) is added to read as follows:
4 (iv) a statement, satisfactory to the attorney general, that it is the
5 obligation of the sponsor to complete all alterations and improvements
6 to individual spaces or dwelling units in compliance with such approved
7 plans within the time specified in the plan or, if the sponsor does not
8 undertake such obligation, that it is the obligation of the individual
9 owners of shares in the cooperative corporation or of condominium units,
10 under the supervision of the cooperative corporation or, in the case of
11 a condominium, under the supervision of the board of managers, to
12 complete such alterations and improvements within the time specified in
13 the plan; [and]
14 (v) a statement that a permanent certificate of occupancy is required
15 for permanent residential use of the premises, that a temporary certif-
16 icate of occupancy may only be renewed for a total period of two years
17 from the date of its original issuance and that, if the temporary
18 certificate of occupancy shall have expired prior to obtaining a perma-
19 nent certificate of occupancy, residential occupancy of the premises
20 will be in violation of the multiple dwelling law, subjecting the occu-
21 pants and the cooperative corporation and its board of directors or, in
22 the case of a condominium, the unit owners and board of managers, to
23 penalties under the multiple dwelling law including eviction of residen-
24 tial occupants[.]; and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03565-01-7
A. 1084 2
1 (vi) a statement that the sponsor shall not act as the managing agent
2 of such cooperative apartment building or condominium units except upon
3 a vote of two-thirds of the total membership of the stockholders.
4 § 2. Subdivision 2 of section 352-eee of the general business law is
5 amended by adding a new paragraph (g) to read as follows:
6 (g) The plan provides that the sponsor shall not act as the managing
7 agent of such cooperative apartment building or condominium units except
8 upon a vote of two-thirds of the total membership of the stockholders.
9 § 3. Subdivision 2 of section 352-eeee of the general business law is
10 amended by adding a new paragraph (g) to read as follows:
11 (g) The plan provides that the sponsor shall not act as the managing
12 agent of such cooperative apartment building or condominium units except
13 upon a vote of two-thirds of the total membership of the stockholders.
14 § 4. This act shall take effect immediately, provided, however, that
15 the amendments to sections 352-eee and 352-eeee of the general business
16 law made by sections two and three of this act shall not affect the
17 expiration of such sections and shall be deemed to expire therewith.
