Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders between failed dissolution votes.
STATE OF NEW YORK ________________________________________________________________________ 1467 2011-2012 Regular Sessions IN ASSEMBLY January 10, 2011 ___________Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to initiat- ing a four-year moratorium on privatization voting by Mitchell-Lama building shareholders THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 35 of the private housing finance law is amended by adding a new subdivision 5 to read as follows: 5. (A) IN THE EVENT OF A FAILED VOLUNTARY DISSOLUTION VOTE BY A COMPA- NY SUBJECT TO THIS ARTICLE, THERE SHALL BE A FOUR-YEAR MORATORIUM ON VOLUNTARY DISSOLUTION VOTING BY SUCH COMPANY. (B) ANY CITY, TOWN OR VILLAGE MAY ENACT LOCAL LAWS, ORDINANCES, RESOL- UTIONS OR REGULATIONS NOT LESS RESTRICTIVE THAN THOSE PROVIDED IN THIS SUBDIVISION. (C) THE PROVISIONS OF THIS SUBDIVISION SHALL NOT DIMINISH THE REQUIRE- MENTS OF ANY OTHER LAW WHICH MAY APPLY TO SUCH ACTION. S 2. This act shall take effect on the ninetieth day after it shall have become a law.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01801-01-1