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What is NYC AC § 26-704?

Quick Answer

This section requires cooperative corporations or condominium boards of managers to provide semi-annual reports to shareholders and unit owners regarding all deposits into and withdrawals from the mandated reserve fund. Applies to cooperative and condominium property operators.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 26-704 Report on status of reserve fund.

AC § 26-704

The cooperative corporation or condominium board of managers shall report to shareholders and unit owners on a semi-annual basis with respect to all deposits into and withdrawals from the reserve fund mandated by section 26-703 of this chapter.

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