New Law Relating to Conflicts of Interest in Co-ops and Condos
A new law signed into law by the governor on September 12, 2017 and effective January 1, 2018 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.
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