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FORM_BCL 727 Disclosure – Board of Managers (Condominium)

By Adam Leitman Bailey


[INSERT CONDOMINIUM LETTERHEAD]

 

ANNUAL REPORT

DISCLOSURE OF CONTRACTS WITH INTERESTED DIRECTORS

This report is being furnished in accordance with Business Corporation Law (BCL) Section 727, which requires the Board of Managers (the “Board”) of the [Name of Condominium] (the “Condominium”) to disclose any contracts involving “interested directors.” Interested directors are members of the Condominium Board affiliated with, or who have a substantial financial interest in, a company who is a party to a contract with the Condominium.

The Board awarded the following contract(s) to parties in which a member of the Board was an “interested director”:

  1. [Recipient] [Amount] [Purpose] [Date] [Term]

 

  1. [Recipient] [Amount] [Purpose] [Date] [Term]

 

  1. [Repeat above as necessary for all “interested” contracts requiring disclosure]

Voting on the above contract(s) was taken as follows:

  1. [Identify contract]:
    1. Date of Board Meeting:__________
    2. Board Members Attending:__________
    3. Votes for and against contract (by Board Member): __________

Very truly yours,

BOARD OF MANAGERS OF [CONDOMINIUM]

________________________________                              ________________________________

________________________________                              ________________________________

________________________________                              ________________________________

[all Board members must print and sign their name]

[INSERT CONDOMINIUM LETTERHEAD]

 

ANNUAL REPORT

DISCLOSURE OF CONTRACTS WITH INTERESTED DIRECTORS

This report is being furnished in accordance with Business Corporation Law (BCL) Section 727, which requires the Board of Managers (the “Board”) of the [Name of Condominium] (the “Condominium”) to disclose any contracts involving “interested directors.” Interested directors are members of the Condominium Board affiliated with, or who have a substantial financial interest in, a company who is a party to a contract with the Condominium.

No actions taken by the Board were subject to the annual report required pursuant to Section 727 of the Business Corporation Law.

Very truly yours,

BOARD OF MANAGERS OF [CONDOMINIUM]

________________________________                              ________________________________

________________________________                              ________________________________

________________________________                              ________________________________

[all Board members must print and sign their name]

[INSERT CONDOMINIUM LETTERHEAD]

Original Form

 

 

 

Adam Leitman Bailey, P.C.

NEW YORK REAL ESTATE ATTORNEYS