Requires boards of directors of residential cooperative housing corporations to notify applicants of reasons for denial of share purchase requests.

The bill amends the business corporation law and the not-for-profit corporation law to require the board of directors of a residential cooperative housing corporation to notify applicants in writing of the reasons for denying their request to purchase shares. This notification must occur within thirty days of the board's decision to deny the request. The bill applies to both business and not-for-profit corporation laws, ensuring transparency and accountability in the share purchase process for residential cooperative housing corporations.

Requires boards of directors of residential cooperative housing corporations to notify applicants of reasons for denial of share purchase requests.

The bill amends the business corporation law and the not-for-profit corporation law to require the board of directors of a residential cooperative housing corporation to notify applicants in writing of the reasons for denying their request to purchase shares. This notification must occur within thirty days of the board's decision to deny the request. The bill applies to both business and not-for-profit corporation laws, ensuring transparency and accountability in the share purchase process for residential cooperative housing corporations.