The provisions of this chapter shall apply to conversions from
rental to cooperative or condominium ownership in buildings or in
a group of buildings or a development for which a plan must be filed
with the New York State Department of Law, pursuant to General Business
Law § 352-eee.
As used in this chapter, the following terms shall have the
meanings indicated:
BUILDING
Any building, group of buildings or development.
CAPITAL REPLACEMENT
A major structural replacement or a general replacement within
the building of any major component, including but not limited to
the elevator; the heating, ventilation or air-conditioning systems;
the plumbing systems; electrical systems and wiring; and windows,
doors and the like. Nothing herein contained shall pertain to replacements
required to cure code violations of record.
CONDOMINIUM BOARD
The Condominium Board of Directors or Board of Managers,
as the case may be.
OFFEROR
The offeror, his nominees, assignees and successors.
TOTAL PRICE
The total number of all shares, whether sold or unsold, in
a cooperative conversion offering multiplied by the last and final
price per share offered to tenants in occupancy prior to the effective
date of the plan, or the sum of the cost of all units of a condominium
conversion offering at the last and final price offered to tenants
in occupancy prior to the effective date of the plan.
The cooperative corporation or Condominium Board shall report
to shareholders and unit owners semiannually respecting the status
of deposits into and withdrawals from the reserve fund.
The offeror, not later than the 30th day following the acceptance
of a plan for filing by the New York State Department of Law pursuant
to General Business Law § 352-eee, and until the closing
of the conversion pursuant to such plan, shall post and maintain in
a prominent place, accessible to all tenants in each building covered
by the plan, a listing of all violations of record against such buildings
as determined by the village. All newly issued violations shall be
posted with 48 hours after issuance.
Whenever an offeror is required to file a report with the New
York State Department of Law describing the physical aspects of the
premises to be converted and the surrounding neighborhood, a copy
of such report shall be filed simultaneously with the village.
Any provision purporting to waive the provisions of this chapter
contained in any contract to purchase or other agreement between the
offeror and any other party shall be void as against public policy.