Int. No. 761
By Council Members Lander and Williams
Title
A Local Law to amend the administrative code of the city of New York, in relation to 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
FAIR RESIDENTIAL COOPERATIVE DISCLOSURE LAW
? 8-1201 Definitions.
? 8-1202 Mandatory statement.
? 8-1203 Amended, supplemental and untimely statements.
? 8-1204 Liability for failure to provide statement.
? 8-1205 Procedure for asserting violation.
? 8-1206 Preclusive effect of statement.
? 8-1207 No estoppel or res judicata.
? 8-1208 Powers of the commission.
? 8-1209 Construction.
? 8-1201 Definitions. When used in this chapter:
Application. The term "application" means both the request of a prospective seller or a prospective purchaser to a cooperative corporation for that cooperative corporation to provide its unconditional consent to a sale of certificates of stock, a proprietary lease, or other evidence of an ownership interest in such cooperative corporation, and the information and documents, acquired by the cooperative corporation in connection with its determination as to whether or not to grant unconditional consent to the sale 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 that 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 a cooperative corporation containing less than 10...
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