Int. No. 822
By Council Members Williams and Lander
Title
A Local Law to amend the administrative code of the city of New York, in relation to the timing of decisions for sales of cooperative apartments
Body
Be it enacted by the Council as follows:
Section 1. Title 8 of the administrative code of the city of New York is amended by adding a new chapter 12, to read as follows:
CHAPTER 12
COOPERATIVE CORPORATIONS: TIMING OF DECISIONS
? 8-1201 Definitions.
? 8-1202 Requirements for determination.
? 8-1203 Acknowledgment of receipt of materials.
? 8-1204 Time for decision.
? 8-1205 Extensions of time.
? 8-1206 Remedies.
? 8-1207 Powers of the commission.
? 8-1208 Construction.
? 8-1201 Definitions. When used in this chapter:
Application. The term "application" means the set of documents utilized by a cooperative corporation to facilitate a prospective purchaser's acquisition of certificates of stock, a proprietary lease, or other evidence of an ownership interest in such cooperative corporation.
Commission. The term "commission" means the New York city commission on human rights.
Cooperative corporation. The term "cooperative corporation" means any corporation governed by the requirements of the state cooperative corporation law or general business law that, among other things, grants persons the right to reside in a cooperative apartment, that right existing by such person's ownership of certificates of stock, proprietary lease, or other evidence of ownership of an interest in such entity but shall not include either a cooperative corporation organized pursuant to the private housing finance law for which a purchase is subject to review and approval by a state or city agency or to a cooperative corporation containing less than 10 dwelling units.
Proprietary lease. The term "proprietary lease" means the lease or occupancy agreement by which a cooperative corporation...
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