[Adopted 8-4-2009 by L.L. No. 28-2009 (Ch. 252, Art. I,
of the 1985 Code)]
As used in this article, the following terms shall have the
meanings indicated:
APPLICATION
The standardized form developed and utilized by a cooperative
for the purchase or acquisition of certificates of stock or other
evidence of ownership of an interest in the cooperative.
COOPERATIVE
Real property which is improved and used or occupied, or
intended to be used or occupied, as the home or residence of one or
more persons, which is subject to Article 23-A of the New York State
General Business Law, and shall include its cooperative management,
cooperative tenants, cooperative shareholders or any appointees or
successors in interest thereof.
PERSON
A natural person, corporation, partnership, association,
trustee, limited-liability company, or other legal entity.
PURCHASE
The acquisition of certificates of stock or other evidence
of ownership of an interest in a cooperative.
UNIT
A part of a cooperative used or intended to be used for the
home or residence of one or more persons.
This article shall be null and void on the day that statewide
or federal legislation goes into effect, incorporating either the
same or substantially similar provisions as are contained in this
article, or in the event that a pertinent state or federal administrative
agency issues and promulgates regulations preempting such action by
the County of Suffolk. The County Legislature may determine via mere
resolution whether or not identical or substantially similar statewide
legislation has been enacted for the purposes of triggering the provisions
in this section.