Bill Text: NY S00028 | 2013-2014 | General Assembly | Introduced
Bill Title: Provides that a two-thirds majority of all outstanding shares is necessary to dissolve a mutual limited profit housing company; disallows proxy voting except for illness or disability.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S00028 Detail]
Download: New_York-2013-S00028-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
28
2013-2014 Regular Sessions
I N S E N A T E
(PREFILED)
January 9, 2013
___________
Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to amend the private housing financing law, in relation to the
dissolution of certain limited-profit housing companies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 35 of the private housing finance law is amended by
2 adding a new subdivision 5 to read as follows:
3 5. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS SECTION OR ANY
4 OTHER PROVISION OF ANY GENERAL, SPECIAL, OR LOCAL LAW, NO MUTUAL COMPANY
5 MAY BE DISSOLVED EXCEPT UPON THE AFFIRMATIVE VOTE OF TWO-THIRDS OR MORE
6 OF THE HOLDERS OF ALL OUTSTANDING SHARES OF SUCH COMPANY. NO PERSON
7 HAVING THE RIGHT TO CAST A VOTE MAY DO SO BY PROXY OR ANY MEANS OTHER
8 THAN IN PERSON, UNLESS SUCH PERSON IS CERTIFIED BY A PHYSICIAN LICENSED
9 TO PRACTICE MEDICINE IN THIS STATE AS UNABLE TO CAST SUCH PERSON'S VOTE
10 IN PERSON BY REASON OF ILLNESS OR DISABILITY.
11 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01830-01-3
