New Law Relating to Conflicts of Interest in Co-ops and Condos

New bill, presented in both the New York State Assembly and Senate were signed into law by the governor on September 12, 2017 and are effective January 1, 2018.

The law adds a new section to the Not-For-Profit Corporation Law requiring annual reports for cooperative and condominium housing to be submitted to the members identifying any votes on contracts that were subject to laws relating to related party transactions. The law also adds a new section to the Business Corporation Law requiring annual reports for cooperative and condominium housing to be submitted to shareholders identifying any votes on contracts that were subject to laws relating to related party transactions.

You can view the full text of the Assembly bill here.

You can view the full text of the Senate bill here.

 

 

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