New York A 7031: Decreases the percentage of votes needed for the election of board members in mutual housing companies with twelve thousand or more units

Bill Text

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A07031 Summary:

BILL NOA07031 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBenedetto

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §13-c, Priv Hous Fin L

&nbsp

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.

Go to top A07031 Actions:

BILL NOA07031 

&nbsp

03/18/2025referred to housing

01/07/2026referred to housing

Go to topA07031 Committee&nbspVotes:

Go to topA07031 Floor&nbspVotes:

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

Go to topA07031 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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