New York S 9572: Requires at least one director on a board of directors be a primary resident of the residential cooperative housing corporation and prohibits certain charges by such corporations without 30 days notice

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S09572 Summary:

BILL NOS09572 

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SAME ASSAME AS A10983

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SPONSORKAVANAGH

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COSPNSR

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MLTSPNSR

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Amd §701, BC L; amd §701, N-PC L; amd §238-a, RP L

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Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident of such residential cooperative housing corporation; prohibits the charging of payments, fees or charges by cooperative housing corporations without thirty days written notice to such cooperative housing corporation's shareholders.

Go to top S09572 Actions:

BILL NOS09572 

&nbsp

03/25/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS09572 Committee&nbspVotes:

Go to topS09572 Floor&nbspVotes:

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

Go to topS09572 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9572

 IN SENATE

 March 25, 2026
 ___________

 Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the business corporation law and the not-for-profit
 corporation law, in relation to requiring at least one director on a
 board of directors of a residential cooperative housing corporation be
 a primary resident of such residential cooperative housing corpo-
 ration; and to amend the real property law, in relation to prohibiting
 the charging of payments, fees or charges by cooperative housing
 corporations without thirty days' notice

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

 1 Section 1. Section 701 of the business corporation law, as amended by
 2 chapter 432 of the laws of 1977, is amended to read as follows:
 3 § 701. Board of directors.
 4 Subject to any provision in the certificate of incorporation author-
 5 ized by paragraph (b) of section 620 (Agreements as to voting; provision
 6 in certificate of incorporation as to control of directors) or by para-
 7 graph (b) of section 715 (Officers), the business of a corporation shall
 8 be managed under the direction of its board of directors, each of whom
 9 shall be at least eighteen years of age, and for any board of directors
 10 of a residential cooperative housing corporation incorporated pursuant
 11 to this chapter, at least one director shall be a primary resident of
 12 such residential cooperative housing corporation. The certificate of
 13 incorporation or the by-laws may prescribe other qualifications for
 14 directors, and in the case of residential cooperative housing corpo-
 15 rations, may require a greater number of directors be primary residents
 16 of such residential cooperative housing corporations.
 17 § 2. Section 701 of the not-for-profit corporation law is amended by
 18 adding a new paragraph (c) to read as follows:
 19 (c) For any board of directors of a residential cooperative housing
 20 corporation incorporated pursuant to this chapter, at least one director
 21 shall be a primary resident of such residential cooperative housing
 22 corporation. The certificate of incorporation or the by-laws of such

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14947-02-6

 S. 9572 2

 1 residential cooperative housing corporations may prescribe other quali-
 2 fications for directors including a requirement that a greater number of
 3 directors be primary residents of such residential cooperative housing
 4 corporations.
 5 § 3. Section 238-a of the real property law is amended by adding a
 6 new subdivision 4 to read as follows:
 7 4. No payments, fees or charges may be charged by a cooperative hous-
 8 ing corporation to a tenant that is a dwelling unit owner or shareholder
 9 of such cooperative housing corporation unless such payment is described
 10 and disclosed to all such cooperative housing corporation's shareholders
 11 in writing at least thirty days prior to implementation.
 12 § 4. This act shall take effect immediately.

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