§ 26-3701.
AC § 26-3701
For the purposes of this chapter, the following terms have the following meanings: Application. The term “application” means the standardized written application package, including all forms, authorizations, questionnaires, and supporting documents, that a cooperative corporation requires to be submitted in connection with a sale requiring board approval. Cooperative corporation. The term “cooperative corporation” means a corporation that owns or holds a leasehold interest in residential real property and issues shares of stock or membership interests allocated to specific dwelling units, together with proprietary leases or other occupancy agreements granting the holder the right to occupy such dwelling unit; provided, however, that such term does not include (i) a housing development fund company organized under article XI of the private housing finance law, (ii) an entity for which a sale of such shares or membership interest is subject to the approval of a governmental housing agency, or (iii) an entity that owns or leases a residential property containing fewer than 10 dwelling units. The term “cooperative corporation” includes the board of directors and managing agent, if any, of such cooperative corporation. Dwelling unit. The term “dwelling unit” has the same meaning as set forth at section 27-2004. Purchaser. The term “purchaser” means the person seeking to acquire shares or a membership interest in a cooperative corporation allocated to a dwelling unit in a sale that requires the consent, approval, waiver, or other action of the cooperative corporation. Sale. The term “sale” means the proposed conveyance or other transfer, of the shares or membership interest in a cooperative corporation that is allocated to a dwelling unit, together with the appurtenant proprietary lease or other occupancy agreement, that requires the consent, approval, waiver, or action of the cooperative corporation including by sale, assignment, transfer, exchange, gift, devise, or by operation of law. Seller. The term “seller” means the person seeking to transfer shares or a membership interest in a cooperative corporation allocated to a dwelling unit, together with the appurtenant proprietary lease or other occupancy agreement, that requires the consent, approval, waiver, or other action of the cooperative corporation. Summer recess notice. The term “summer recess notice” means a written notice, maintained in the records of a cooperative corporation and made available upon request, stating that the cooperative corporation does not ordinarily hold meetings during a certain period within the months of July and August, and identifying the date on which such recess is deemed to commence and the date on which such recess is deemed to terminate. Summer recess period. The term “summer recess period” means the period within the months of July and August identified in a summer recess notice. Transfer requirements. The term “transfer requirements” means the complete list of requirements, documents, information, forms, fees, disclosures, and procedural steps that a cooperative corporation requires a purchaser or seller to submit or satisfy in connection with a sale, including any interview, consent form, authorization, or third-party report, that is described in the cooperative corporation’s standardized application, written policies, or governing documents, and any supplemental request by the cooperative corporation in writing for the particular sale. Such term includes the cooperative corporation’s instructions for submission, including designated mailing and email addresses and any stated standards for completeness. (L.L. 2026/058, 1/29/2026, eff. 7/28/2026)
