Adam Leitman Bailey, P.C. Prepares Forms for New Disclosure Law and Smoking Policy
By Rachel Sigmund McGinley
Effective January 1, 2018, Section 727 of the Business Corporation Law (BCL) requires all New York condominium and co-op boards to disseminate to all unit owners/shareholders, at least once annually, a written report of any contracts entered into by the board during the reporting year wherein a particular director/board member was “interested” per the terms of BCL Section 713.
New Annual Reporting Requirement for Co-Op & Condo Boards: BCL Section 727
Rachel Sigmund of Adam Leitman Bailey, P.C. drafted forms for both BCL 727 (new disclosure law) and Local Law 147 (smoking policy):
FORM_BCL 727 Disclosure – Board of Directors (Cooperative)
FORM_BCL 727 Disclosure – Board of Managers (Condominium)