§ 727 — Annual reports for certain transactions required

§ 727. Annual reports for certain transactions required.\n (a) A condominium created pursuant to the real property law or a\ncooperative housing corporation created pursuant to this chapter, shall,\nat least once each year:\n (1) require that each director, as defined in paragraph five of\nsubdivision (a) of section one hundred two of this chapter, receive a\ncopy of section seven hundred thirteen of this chapter; and\n (2) submit an annual report to the shareholders, which shall be signed\nby each such director, containing information on any contracts made,\nentered into, or otherwise voted on by the board of directors where one\nor more of the directors was an interested director, pursuant to section\nseven hundred thirteen of this chapter.\n (b) The annual report required by subdivision (a) of this section\nshall include, but not be limited to, the following:\n (1) a list of all contracts voted on by the board of directors,\nincluding information on the contract recipient, contract amount, and\nthe purpose of entering into the contract;\n (2) the record of each meeting including director attendance, voting\nrecords for contracts, and how each director voted on such contracts;\nand\n (3) the date of each vote on each contract, and the date the contract\nwould be and remain valid.\n (c) If the annual report required by subdivision (a) of this section\nwould, notwithstanding the requirements of this section, contain no\ninformation because of the absence of any actions taken by the board\nthat would otherwise qualify for inclusion in such annual report, then\nthe board shall instead submit to the shareholders a document, signed by\neach director, indicating: "No actions taken by the board were subject\nto the annual report required pursuant to section 727 of the Business\nCorporation Law".\n