New York A 10283: Relates to authorizing certain local governments in Suffolk county to alter property tax payment schedules

Bill Text

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A10283 Summary:

BILL NOA10283 

&nbsp

SAME ASSAME AS S08912

&nbsp

SPONSORReyes

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Add Art 9 Title I §139, Title II §§140 - 144, Title III §§150 - 155, Coop Corps L

&nbsp

Increases transparency in cooperative housing corporations by giving shareholders more rights to information of the co-op and limiting the powers of management companies and boards.

Go to top A10283 Actions:

BILL NOA10283 

&nbsp

02/20/2026referred to housing

Go to topA10283 Committee&nbspVotes:

Go to topA10283 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10283 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10283

 IN ASSEMBLY

 February 20, 2026
 ___________

 Introduced by M. of A. REYES -- read once and referred to the Committee
 on Housing

 AN ACT to amend the cooperative corporations law, in relation to
 increasing transparency in cooperative housing corporations

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The cooperative corporations law is amended by adding a new
 2 article 9 to read as follows:
 3 ARTICLE 9
 4 COOPERATIVE HOUSING CORPORATIONS
 5 TITLE I. APPLICABILITY.
 6 II. COOPERATIVE HOUSING CORPORATION STRUCTURE.
 7 III. COOPERATIVE SHAREHOLDER PROTECTION ACT.

 8 TITLE I
 9 APPLICABILITY
 10 Section 139. Applicability.
 11 § 139. Applicability. Any city with a population of one million or
 12 more shall be permitted to opt out of the provisions of this article.

 13 TITLE II
 14 COOPERATIVE HOUSING CORPORATION STRUCTURE
 15 Section 140. Applicability of business corporation law.
 16 141. Definitions.
 17 142. Additional powers of members.
 18 143. Meetings; budget.
 19 144. Service of employees of management companies on the board
 20 prohibited.
 21 § 140. Applicability of business corporation law. If any provision of
 22 the business corporation law conflicts with any provision of this arti-
 23 cle, the provision of this article shall prevail, and the conflicting
 24 provision of the business corporation law shall not apply in such case.
 25 If any provision of this article relates to a matter embraced in the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14463-01-6

 A. 10283 2

 1 business corporation law but is not in conflict therewith, both
 2 provisions shall apply.
 3 § 141. Definitions. For the purposes of this title, the following
 4 terms shall have the following meanings:
 5 1. "Cooperative housing corporation" means a corporation formed pursu-
 6 ant to this chapter or article four of the business corporation law that
 7 owns or leases residential premises and operates the same on a cooper-
 8 ative basis.
 9 2. "Management company" means a person, firm, corporation, partner-
 10 ship, association, limited liability company, or other entity retained
 11 by a cooperative housing corporation to conduct the business of such
 12 corporation, including but not limited to, operating the premises, keep-
 13 ing the books and records, managing dwelling unit transactions, and
 14 taking such other actions as may be necessary for compliance with appli-
 15 cable law.
 16 3. "Resident" means an individual maintaining a place of residence in
 17 a dwelling unit on the premises of a cooperative housing corporation.
 18 4. "Member" means a natural person holding a membership in a cooper-
 19 ative housing corporation, whether evidenced by a certificate of member-
 20 ship or by a certificate of stock or by other authorized means of iden-
 21 tification.
 22 § 142. Additional powers of members. After the first date on which the
 23 sponsor of a cooperative housing corporation owns less than a majority
 24 of all shares operated by such cooperative housing corporation, the
 25 holders of a majority of the shares held by all members may, by action
 26 duly taken pursuant to either section six hundred fourteen or six
 27 hundred fifteen of the business corporation law, remove any management
 28 company of such cooperative housing corporation from such service and
 29 may prohibit such management company from serving in such capacity ther-
 30 eafter.
 31 § 143. Meetings; budget. 1.