THE FAST TRACK...
Articles:
Most Requested Information

NEW BILL 7892...New York Cooperative Apartment Election Law...
 ___________

 S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

 7892

2007-2008 Regular Sessions

I N  A S S E M B L Y

 April 27, 2007
 ___________

       Introduced  by  M.  of  A. BROOK-KRASNY, BING, V. LOPEZ -- read once and referred to the Committee on Housing.

       AN ACT to amend the private housing finance law, in relation  to  shareholder votes in mutual companies

         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section 1. Section 17 of the private housing finance law is amended by
    2  adding a new subdivision 3 to read as follows:
    3    3. NOTWITHSTANDING THE PROVISIONS OF ANY LAW, GENERAL  OR  SPECIAL,  A
    4  MUTUAL  COMPANY MAY, WITH THE APPROVAL OF THE COMMISSIONER OR THE SUPER-
    5  VISING AGENCY, AS THE CASE MAY BE, REQUIRE A STANDARD FORM AND PROCEDURE
    6  FOR THE CASTING OF PROXIES OR ABSENTEE BALLOTS IN ANY MATTER REQUIRING A
    7  SHAREHOLDER VOTE.
    8    S 2. This act shall take effect immediately.


        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             { } is old law to be omitted.
                                                                  LBD10470-01

A07892 Summary:
BILL NO    A07892

SAME AS    Same as S 3826

SPONSOR    Brook-Krasny

COSPNSR    Bing, Lopez V, Gordon D, Lafayette, Maisel, Rosenthal

MLTSPNSR   Boyland, Brennan, Gottfried, Young

Amd S17, Priv Hous Fin L

Relates to shareholder votes in mutual companies.

--------------------------------------------------------------------------------
A07892 Actions:
BILL NO    A07892

04/27/2007 referred to housing
06/05/2007 reported referred to rules
06/11/2007 reported
06/11/2007 rules report cal.114
06/11/2007 ordered to third reading rules cal.114
06/11/2007 passed assembly
06/11/2007 delivered to senate
06/11/2007 REFERRED TO RULES
06/18/2007 SUBSTITUTED FOR S3826
06/18/2007 3RD READING CAL.1713
06/18/2007 PASSED SENATE
06/18/2007 RETURNED TO ASSEMBLY
--------------------------------------------------------------------------------
A07892 Votes:
BILL: A07892  DATE: 06/11/2007  MOTION: YEA/146  NAY/000
--------------------------------------------------------------------------------

A07892 Memo:
BILL NUMBER:A7892                REVISED 5/22/07

TITLE OF BILL:
An act to amend the private housing finance law, in relation to shareholder votes in mutual companies

SUMMARY OF PROVISIONS:
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.

JUSTIFICATION:
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
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.

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
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.

The proposed bill would allow 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. By requiring a standard form and
procedure for the casting of proxies or absentee ballots, these housing companies may better regulate the voting procedure and, consequently, make it more equitable and less prone to disputes.

The Voting Group, LLC is a privately held company based in Queens, NY. If you are curious about our services, click here.
Thanks for visiting and we look forward to serving you.
 "We provide more than superior service. We provide solutions."
Thanks for your time and please keep us in mind.
THE VOTING GROUP, LLC
NY Phone: 1-718-776-1017
FL Phone: 1-954-636-8213
Toll Free: 1-877-VOTING GROUP


                        
Custom Search
Who links to my website?
Search our site for additional information.
Copyright © 2002-2009 The Voting Group
All rights reserved.This is a "DOVE" production.

individual approach.
creative problem solving.

" THE VOTINGGROUP,LLC"
Election Administration  and Monitoring Services
Queens Village, NY 11429
Fort Lauderdale, FL 33309

NY Phone: 1.718.776.1017
FL Phone: 1.954.636.8213
Fax: 1.775.269.3969

Outside of NY and Florida
Toll Free: 1.877.868.4644
(1.877.Voting Group)
E-mail: info@tvg3.com
Electronic Machinery
Lever Machinery
Scanned Ballots
Paper Ballots
Online/ Internet Voting
Voice ResponseVoting
Printing Services
Mailing Services
P.O. Box Services
Professional Staff
Customer Service
Proportional Voting
Cumulative Voting
Customized Service


Want more information?
download a brochure



























































































Discover the benefits of hiring a Professional Election Service