Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident; prohibits charging.

This bill amends the business corporation law and the not-for-profit corporation law to require that at least one director on the board of directors of a residential cooperative housing corporation must be a primary resident of that corporation. It also amends the real property law to prohibit cooperative housing corporations from charging any payments, fees, or charges to tenants who own dwelling units without providing thirty days' written notice to all shareholders.

Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident; prohibits charging.

This bill amends the business corporation law and the not-for-profit corporation law to require that at least one director on the board of directors of a residential cooperative housing corporation must be a primary resident of that corporation. It also amends the real property law to prohibit cooperative housing corporations from charging any payments, fees, or charges to tenants who own dwelling units without providing thirty days' written notice to all shareholders.