Virtual annual meetings are now a permanent fixture in NY.
During the Covid-19 pandemic, Community Boards for, Co-ops and Homeowners’ Associations relied heavily on virtual platforms to stay connected, informed and conduct their business. Now, Governor Hochul has signed into law a bill, pursuant to a temporary Executive Order originally set to expire on December 31, 2021, that eliminates the requirement of in-person meetings in a physical location.
The new law, which amends the Business Corporation Law and the Not for Profit Corporation Law, allows members “to participate in in-person meetings via electronic communications, or for meetings of members to take place solely via electronic communications, at the discretion of the board of directors.” This allows Boards to conduct meetings from anywhere, without having to physically assemble in one common place.
