§ 519-a. 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 the business\ncorporation law, shall, at least once each year:\n (1) require that each director, as defined in paragraph six of\nsubdivision (a) of section one hundred two of this chapter, receive a\ncopy of section seven hundred fifteen of this chapter; and\n (2) provide an annual report to the members or to the governing board,\nif there are no members, which shall be signed by each such director,\ncontaining information on any contracts made, entered into, or otherwise\nvoted on by the board of directors that were considered a related party\ntransaction pursuant to section seven hundred fifteen of this chapt
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§ 519-a. 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 the business\ncorporation law, shall, at least once each year:\n (1) require that each director, as defined in paragraph six of\nsubdivision (a) of section one hundred two of this chapter, receive a\ncopy of section seven hundred fifteen of this chapter; and\n (2) provide an annual report to the members or to the governing board,\nif there are no members, which shall be signed by each such director,\ncontaining information on any contracts made, entered into, or otherwise\nvoted on by the board of directors that were considered a related party\ntransaction pursuant to section seven hundred fifteen 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 paragraph two of subdivision (a)\nof this section would, notwithstanding the requirements of this section,\ncontain no information because of the absence of any actions taken by\nthe board that would otherwise qualify for inclusion in such annual\nreport, then the board shall instead submit to the members or to the\ngoverning board, if there are no members, a document, signed by each\ndirector, indicating: "No actions taken by the board were subject to the\nannual report required pursuant to section 519-a of the Not-for-Profit\nCorporation Law".\n