New York State Assembly

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A07031 Summary:

BILL NO	A07031
SAME AS	No Same As
SPONSOR	Benedetto
COSPNSR
MLTSPNSR
Amd §13-c, Priv Hous Fin L
Decreases the percentage of votes needed for the election of board members in mutual housing companies with twelve thousand or more units to twenty percent plus one to constitute a majority for shareholder approval of such board members.

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A07031 Actions:

BILL NO	A07031
03/18/2025	referred to housing
01/07/2026	referred to housing

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A07031 Committee Votes:

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A07031 Floor Votes:

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A07031 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7031
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 18, 2025
                                       ___________
 
        Introduced  by  M.  of  A.  BENEDETTO  --  read once and referred to the
          Committee on Housing
 
        AN ACT to amend the private housing finance  law,  in  relation  to  the
          number  of  votes  needed  for the election of board members in mutual
          housing companies with twelve thousand or more units

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. Section 13-c of the private housing finance law is amended
     2  by adding a new subdivision 6 to read as follows:
     3    6. Any shareholder vote involving the election of board members  of  a
     4  mutual  housing  company  with  twelve thousand or more units shall only
     5  require twenty percent plus one to constitute a majority for shareholder
     6  approval of such board members.
     7    § 2. This act shall take effect immediately.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10374-02-5

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