Re: SHAREHOLDER BILL OF RIGHTS -(pending in Senate Housing Committee) NOT TO BE CONFUSED WITH Bill #119
Title of Bill: An act to amend the general business law and the real property law, in relation to enactment of a residential cooperative and condominium owner’s bill of rights.
A Must Read !!!
To review Senate Bill #2386 go to: http://public.leginfo.state.ny.us/distsen.cgi
Assembly Bill #5673 (same) go to: http://assembly.state.ny.us/leg/?bn=A05673
Purpose or General Idea of Bill:
Enacts a bill of rights for owners of residential cooperative or condominium units to provide fair and equitable treatment of all shareholders or unit owners; directs the attorney general to promulgate a handbook summary of the rights of shareholders and unit owners vis-a-vis cooperative corporations and condominium associations and the procedures and processes available to shareholders and unit owners to enforce such rights.
On February 5, 2007 Senator Vincent Leibell introduced bill #S2386 where it was referred to the Senate’s Housing, Construction and Community Development Committee.
This same bill #A05673 was also introduced by Brooklyn Assemblymember Vito Lopez, Chairman of the Housing Committee.
The bill passed the Assembly vote, passed through the Senate Housing Committee, but at the end of the session, fell apart. Senator John J. Bonacic (Republican), current chair of the Committee on Housing, Construction and Community Development, is opposed to the bill. Major real estate interests are against this bill, citing an impingement on the rights of the board of directors. They feel that shareholders and/or board members would be better served through education.
There is currently a move to create separate bills for coops and condos, since there are different needs for both.
For shareholders interested in the passing of the Shareholder Bill of Rights, contact Senator Leibell and Assemblymember Lopez.
we are 22 years into a 30 mortgage on a coop. we are also considering transfering it into a trust -
1) shall we pay it off and transfere it at the same time? there must be some advangtages to doing both at once.
2) are there really andy tax advantages to not paying off the mortgage? - the apt has increased in value 8 times over what we paid for it - maybe the interest is now so low it makes sense to just pay it off?
all input welcome - thanks.
Rifting off the string below...
What ever happened to last year's effort to get a coop/shareholder bill of rights? Any chance of reviving this effort?
What do people think is most crucial to include? I can think of:
--The right to privacy in one's home
--The right to review financial records of the corporation in which one owns shares
--The right to oust owners found guilty of malfeasance.
--Better laws needed
Do any of you have flood insurance for your buildings? And if so, could you recommend some insurers? We are right outside the flood zone, but were there to be a severe storm, with street sewers filling up, water would likely race into our basement and subbasement - where we have our storage areas. Even though we have a pump, if the electricity goes out all bets are off, and I am worried about our basic building equipment down below.
Our longtime board leadership has been involved in a litany of criminal & self-dealing behavior -- from failing to pay their maintenance and other fees, to rejiggering rules to their personal favor, to awarding themselves special benefits not available to other owners.
Yes, we did organize & oust them -- but after rapid turnover in the building, they're back. Many people, evidently fearing retaliation, refuse to run. (We're only about 100 units, so possiblities are limited)
To others who have dealt with crooked boards: what have you found most effective? D.A.? A.G.? CNYC? Private lawyer? Flee? Or...kick them out of the house/get them put in jail?
Am convinced that we need something like a "Shareholders' Bill of Rights," to make prosecution more feasible. Exisiting law is often just too expensive for individuals to pursue -- and coop lawyers are reluctant to get involved unless there's good $$$ in it for them.
What's our best hope here, from any of you who have dealt with such situations? Any pending legislation at the state/city level we could fight for for?
in a cop, the managing agent, at behest of the board pres, consults the coops attorneys on a matter relating to an employee . the matter was caused by an incident with a shareholder but it was not a direct incident in that the shareholder actually did nothingdirectly to incur the legal fees - the board/managing agent just needed some info. and advice . 7 months goes by and the board decides to put the legal fees on the shareholders bill (they were billed to the coop and paind many months ago -) with no notice - just, zingo, added onto a mntnce bill. seems illegal to me no? to say nothing of inappropriate. advice? r esponses?
Due to the heavy rains 2 weeks ago, a sewer line backed up into our basement and flooded it. The smell is pretty bad and we had our super do a clean up. But the carpet leading down to the terra cotta tile floor got soaked and we are debating what to do. Management suggested calling in a clean up/sanitzing service and replacing the bad carpet. The estimates are $1500-$3500--a huge amount for our small brownstone. Anyone have a protocol to suggest following up a flood like this? we want to take proper precautions to make sure contamination and mold are eradicated. Any referrals for cleaning services? Thanks all.
totally rusted up nipple pipe at bottom of old sink - this piece of pipe goes intot he wall. I assume it is therefore coop respon to x=fix and whatever is outside that is mine. right. again - the nipple is aobut 60 years old and the treads have rusted through and water is pouring out where the nipple meets the u-bend. thanks.
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