Bill > A01623

This bill amends the Not-for-Profit Corporation Law and the Business Corporation Law to require residential cooperative corporations to establish uniform processes for applying to and considering applications for the purchase of certificates of stock, a proprietary lease, or other evidence of an ownership interest in the cooperative. The key provisions include requiring the cooperative corporation to acknowledge receipt of an application within 21 days, indicate whether the application is complete, and provide a decision on the application within 90 days of receiving a completed application. If no decision is provided within 90 days, consent to the sale is automatically granted. The bill aims to create a standardized process for considering cooperative purchase applications.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/A1623