Statutes, codes, and regulations
New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENTSubtitle S - Division of Housing and Community RenewalChapter IV - State-assisted Housing Constructed By Private EnterpriseSubchapter C - Housing Company ManagementPart 1725 - General Administration
Subpart 1725-3 - Housing Company Meetings
Section 1725-3.2 - Organization of board of directors

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1725-3.2

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Current through Register Vol. 46, No. 45, November 2, 2024
Section 1725-3.2 - Organization of board of directors
(a) The board shall consist of the authorized number of directors; one additional director may be appointed by the division, unless otherwise required under article IV of the Private Housing Finance Law. At the first annual meeting of stockholders, directors will be elected to serve for terms of one, two or three years, designated so that the terms of approximately one third of the total directors, exclusive of the division's designee, will expire in any one year. Thereafter, directors will be elected for a three-year term, except when the election is for an unexpired term.
(b) The board shall elect officers, as prescribed in the bylaws, at the first board meeting after the annual stockholders meeting.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1725-3.2