Increases transparency in cooperative housing corporations by giving shareholders more rights to information and limiting the powers of management.

New York S08912 amends the cooperative corporations law to enhance transparency and shareholder rights in cooperative housing corporations. It prohibits employees of management companies from serving on the board unless they are both residents and shareholders. The bill mandates that cooperative housing corporations provide shareholders with a brochure on co-op governance and requires annual financial reports in plain language. It also limits the powers of management companies, allowing shareholders to remove them if they hold a majority of shares.

Increases transparency in cooperative housing corporations by giving shareholders more rights to information and limiting the powers of management.

New York S08912 amends the cooperative corporations law to enhance transparency and shareholder rights in cooperative housing corporations. It prohibits employees of management companies from serving on the board unless they are both residents and shareholders. The bill mandates that cooperative housing corporations provide shareholders with a brochure on co-op governance and requires annual financial reports in plain language. It also limits the powers of management companies, allowing shareholders to remove them if they hold a majority of shares.