NYS Bill 7892

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BROOK-KRASNY, BING, V. LOPEZ -- read once and referred to the Committee on Housing.</div> <bR> <div>        AN ACT to amend the private housing finance law, in relation  to  shareholder votes in mutual companies</div> <bR> <div>          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-</div> <div>        BLY, DO ENACT AS FOLLOWS:</div> <bR> <div>     1    Section 1. Section 17 of the private housing finance law is amended by</div> <div>     2  adding a new subdivision 3 to read as follows:</div> <div>     3    3. NOTWITHSTANDING THE PROVISIONS OF ANY LAW, GENERAL  OR  SPECIAL,  A</div> <div>     4  MUTUAL  COMPANY MAY, WITH THE APPROVAL OF THE COMMISSIONER OR THE SUPER-</div> <div>     5  VISING AGENCY, AS THE CASE MAY BE, REQUIRE A STANDARD FORM AND PROCEDURE</div> <div>     6  FOR THE CASTING OF PROXIES OR ABSENTEE BALLOTS IN ANY MATTER REQUIRING A</div> <div>     7  SHAREHOLDER VOTE.</div> <div>     8    S 2. <U>This act shall take effect immediately.</U></div> <bR> <bR> <div>         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets</div> <div>                              { } is old law to be omitted.</div> <div>                                                                   LBD10470-01</div> <bR> <div> A07892 Summary:</div> <div> BILL NO    A07892</div> <bR> <div> SAME AS    Same as S 3826</div> <bR> <div> SPONSOR    Brook-Krasny</div> <bR> <div> COSPNSR    Bing, Lopez V, Gordon D, Lafayette, Maisel, Rosenthal</div> <bR> <div> MLTSPNSR   Boyland, Brennan, Gottfried, Young</div> <bR> <div> Amd S17, Priv Hous Fin L</div> <bR> <div> Relates to shareholder votes in mutual companies.</div> <bR> <div> --------------------------------------------------------------------------------</div> <div> A07892 Actions:</div> <div> BILL NO    A07892</div> <bR> <div> 04/27/2007 referred to housing</div> <div> 06/05/2007 reported referred to rules</div> <div> 06/11/2007 reported</div> <div> 06/11/2007 rules report cal.114</div> <div> 06/11/2007 ordered to third reading rules cal.114</div> <div> 06/11/2007 passed assembly</div> <div> 06/11/2007 delivered to senate</div> <div> 06/11/2007 REFERRED TO RULES</div> <div> 06/18/2007 SUBSTITUTED FOR S3826</div> <div> 06/18/2007 3RD READING CAL.1713</div> <div> 06/18/2007 PASSED SENATE</div> <div> 06/18/2007 RETURNED TO ASSEMBLY</div> <div> --------------------------------------------------------------------------------</div> <div> A07892 Votes:</div> <div> BILL: A07892  DATE: 06/11/2007  MOTION: YEA/146  NAY/000</div> <div> --------------------------------------------------------------------------------</div> <bR> <div> A07892 Memo:</div> <div> BILL NUMBER:A7892                REVISED 5/22/07</div> <bR> <div> <B><U>TITLE OF BILL:</U></B></div> <div> An act to amend the private housing finance law, in relation to shareholder votes in mutual companies</div> <bR> <div> <B><U>SUMMARY OF PROVISIONS:</U></B></div> <div> The subject bill would amend the Private Housing Finance Law ("PHFL") by authorizing mutual companies, with the approval of the commissioner or the supervising agency, to require a ` standard form and procedure for the casting of proxies or absentee ballots in any matter requiring a shareholder vote.</div> <bR> <div> <B><U>JUSTIFICATION:</U></B></div> <div> Business Corporation Law S 609(i) allows for a wide range of means by which a shareholder may grant proxy authority (e.g., executing a writing, by transmitting a telegram, etc.) "{w}ithout limiting the</div> <div> manner in which a shareholder may authorize another person or persons to act for him as proxy." Due to this provision, mutual companies have not been able to adequately regulate the form and procedure for the casting of proxies in share holder votes.</div> <bR> <div> This has proven very problematic for a number of reasons. First and foremost, annual elections for the boards of directors at mutual companies are often contentious, and charges of fraudulent</div> <div> solicitation and use of proxies or absentee ballots are not uncommon. Such charges are exacerbated by the fact that mutual companies do not have the financial resources to perform signature verification of each proxy or absentee ballot. All of this controversy ultimately leads to lawsuits that further drain the financial resources of such housing companies through the imposition of substantial legal bills.</div> <bR> <div> The proposed bill would allow mutual companies, with the approval of the commissioner or<U> </U><I><B><U>the supervising agency to require a standard form and procedure for the casting of proxies or absentee ballots in any matter requiring a shareholder vote. By requiring a standard form and</U></B></I></div> <div> <I><B><U>procedure for the casting of proxies or absentee ballots, these housing companies may better regulate the voting procedure and, </U></B></I><I><B><U>consequently, make it more equitable and less prone to disput</U></B></I><I><B><U>e</U></B></I><I><B><U>s.</U></B></I></div> <bR> <div> <FONT SIZE="1" COLOR="#BF0000" FACE="Arial" ><I><B><U>The Voting Group, LLC </U></B></I></FONT><FONT SIZE="1" COLOR="#000000" FACE="Arial" ><I><B>is a privately held company based in Queens, NY. 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Box Services</B></div> <div> <B><IMG BORDER="0" SRC="Wing0a7300a800a000000000.png" HEIGHT="11" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Professional Staff</B></div> <div> <B><IMG BORDER="0" SRC="Wing0a7300a800a000000000.png" HEIGHT="11" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Customer Service</B></div> <div> <B><IMG BORDER="0" SRC="Wing0a7300a800a000000000.png" HEIGHT="11" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Proportional Voting</B></div> <div> <B><IMG BORDER="0" SRC="Wing0a7300a800a000000000.png" HEIGHT="11" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Cumulative Voting</B></div> <div> <B><IMG BORDER="0" SRC="Wing0a7300a800a000000000.png" HEIGHT="11" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Customized Service</B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP BGCOLOR=#0000FF HEIGHT= 1619 ><NOBR><bR> <bR> <div> <I><B>Want more information?</B></I></div> <div> <FONT SIZE="1" COLOR="#FFFFFF" FACE="Arial" ><I><B>download a brochure</B></I></FONT><I><B> </B></I><A HREF="id44.htm" TARGET="_top" TITLE="Documents"><U><I><B><IMG SRC="2920e130.gif" border=0 width="14" height="19" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></I></U></A></div> <div> <B> <script src="http://www.google-analytics.com/urchin.js" type="text/javascript"> </script> <script type="text/javascript"> _uacct = "UA-2291256-1"; urchinTracker(); </script>  </B></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <div> <A HREF="index.htm" TARGET="_top" TITLE="Providing Election Supervision, Services"><U><I><B>The Group Home</B></I></U></A></div> </NOBR></tD> <tD VALIGN=TOP BGCOLOR=#FFFFFF WIDTH="149"><div> <IMG SRC="00e79a30.jpg" border=0 width="121" height="163" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></div> <div> <B>Discover the benefits of hiring a Professional Election Service</B></div> </tD> </tR> <tR> <tD VALIGN=TOP BGCOLOR=#0099FF HEIGHT= 14 WIDTH="138"><div> <A HREF="tvg_privacy_policy.htm" TARGET="_top" TITLE="The Voting Group Privacy Policy"><U>privacy policy</U></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#0099FF WIDTH="59"><div> <A HREF="id5.htm" TARGET="_top" TITLE="Find out more about us here"><U>about us</U></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#0099FF><NOBR><div> <A HREF="id4.htm" TARGET="_top" TITLE="Our Basic Principles/ Information"><U>information</U></A></div> </NOBR></tD> <tD VALIGN=TOP BGCOLOR=#0099FF WIDTH="69"><div> <A HREF="id6.htm" TARGET="_top" TITLE="Contact us"><U>contact</U></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#0099FF WIDTH="69"><div> <A HREF="id7.htm" TARGET="_top" TITLE="Request our help"><U>requests</U></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#0099FF WIDTH="84"><div> <A HREF="id8.htm" TARGET="_top" TITLE="Frequently Asked Questions"><U>faq</U></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#0099FF WIDTH="84"><div> <A HREF="id40.htm" TARGET="_top" TITLE="Florida Statutes/Florida Condominium Ass"><U>florida info</U></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#0099FF WIDTH="84"><div> <A HREF="id44.htm" TARGET="_top" TITLE="Documents"><U>documents</U></A></div> </tD> <tD VALIGN=TOP BGCOLOR=#0099FF WIDTH="149"><div> <A HREF="id19.htm" TARGET="_top" TITLE="References"><U>references</U></A></div> </tD> </tR> </TABLE></B></div> <bR> <bR> </td> </tr></table></body>