Bill > S02874

This bill amends the Not-for-Profit Corporation Law and the Business Corporation Law to require residential cooperative corporations to establish uniform processes for considering applications to purchase certificates of stock, proprietary leases, or other ownership interests. The key provisions include: (1) requiring cooperative corporations to acknowledge receipt of applications within 21 days, indicate whether the application is complete, and identify any additional materials needed; (2) requiring the board of directors to notify the prospective purchaser when the application is complete and by what date the review will be finished; and (3) requiring the cooperative corporation to provide written notice of approval or denial within 90 days of a completed application, with consent granted if no notice is provided within 90 days. This bill aims to create a standardized process for purchasing cooperative units.

Government Affairs

https://www.nysenate.gov/legislation/bills/2021/S2874