Adam Leitman Bailey, P.C. Successfully Guides Mitchell-Lama Co-Op in Holding its Annual Shareholders Meeting While Navigating Several Challenges Posed by COVID-19 and Recent Amendments to New York City’s Private Housing Finance Law
Adam Leitman Bailey, P.C. is general counsel to several City and State Mitchell-Lama co-ops in the New York City area. When one client asked for assistance in holding its annual meeting, Adam Leitman Bailey, P.C. stepped in. The co-op’s timeline for holding the annual meeting and election of directors was thrown off by the pandemic, which led to a domino effect for the timing of future elections as mandated by the co-ops by-laws and the HPD — which oversees city Mitchell-Lama co-ops. Adam Leitman Bailey, P.C. was successfully able to negotiate with HPD in “re-setting” the timeline by scheduling two meetings: the first to be held one year after the last election, and the second to be held six months later, adjusting the co-op back to its normal meeting scheduled as dictated by the by-laws.
Recent amendments to New York’s Private Housing Finance Law, which, among other things, eliminated proxy voting and mandated absentee ballots, posing further challenges. The attorneys at Adam Leitman Bailey, P.C. used their expertise and knowledge of the new laws to help guide the co-op through these changes, resulting in a successful meeting and election.