Requires boards of residential cooperative housing corporations to notify applicants of reasons for share purchase denials.

The bill mandates that the board of directors of a residential cooperative housing corporation must inform applicants in writing of the reasons for denying their request to purchase shares within thirty days of the decision. This applies to corporations incorporated under the relevant chapter. The bill amends both the business corporation law and the not-for-profit corporation law to include this requirement.

Requires boards of residential cooperative housing corporations to notify applicants of reasons for share purchase denials.

The bill mandates that the board of directors of a residential cooperative housing corporation must inform applicants in writing of the reasons for denying their request to purchase shares within thirty days of the decision. This applies to corporations incorporated under the relevant chapter. The bill amends both the business corporation law and the not-for-profit corporation law to include this requirement.