§ 35-a. Requirements regarding dissolution. Mutual housing companies\nconsidering dissolution and/or reconstitution pursuant to section\nthirty-five of this article shall be subject to the following\nrequirements:\n 1. Any preliminary vote to authorize a feasibility study, or to\napprove a special assessment to fund such feasibility study shall\nrequire the approval of a minimum of two-thirds of all dwelling units\nfor which shares have been issued by the mutual housing company,\nregardless of whether such dwelling units are occupied or vacant,\nprovided however, that where the shareholder of record is deceased, any\nvote attributable to the dwelling unit shall be discounted, both in the\nnumber of votes cast and in the total number of dwelling units upon\nwhich the vote is calculated, until such time as a new shareholder of\nrecord is determined for that dwelling unit.\n 2. Except as provided for in subdivision seven of this section, any\nvote to authorize the funding, development, and submission to the\nattorney general of an offering plan for dissolution and reconstitution\nof the mutual housing company, or to authorize the funding, development,\nand submission to the attorney general of a proxy statement, or any\nother documents permitted by the attorney general instead of such\noffering plan, or any other preliminary vote for review by the\ncommissioner or supervising agency relating to the dissolution or\nreconstitution required by the regulations of the commissioner or\nsupervising agency, shall require the approval of eighty percent of all\ndwelling units for which shares have been issued, regardless of whether\nsuch dwelling units are occupied or vacant, provided however, that where\nthe shareholder of record is deceased, any vote attributable to the\ndwelling unit shall be discounted, both in the number of votes cast and\nin the total number of dwelling units upon which the vote is calculated,\nuntil such time as a new shareholder of record is determined for that\ndwelling unit.\n 3. No funds from the operating budget of the mutual housing company\nshall be used for the preparation or distribution of a feasibility\nstudy, a preliminary or filed offering plan for dissolution and\nreconstitution of the mutual housing company, a proxy statement or any\nother documents permitted by the attorney general instead of such\noffering plan, or a notice of intent to dissolve, or to pay for any\nservices related to evaluation of, preparation for, or execution of\ndissolution and/or reconstitution pursuant to section thirty-five of\nthis article, including but not limited to legal services, but such\nfunds may only be raised by special assessment voted on and applicable\nto all shareholders using such procedures as required by regulations of\nthe commissioner or the supervising agency which shall not allow\nproxies.\n 4. Except as provided for in subdivision seven of this section, any\nvote authorized by the regulations promulgated by the commissioner or\nthe supervising agency that constitutes the vote for submission of a\ncertificate of no objection, consent to dissolution or reconstitution,\nfor submission to the attorney general of an offering plan for\ndissolution and reconstitution of the mutual housing company, or for\nsubmission to the attorney general of a proxy statement or any other\ndocuments permitted by the attorney general instead of such offering\nplan shall require the approval of eighty percent of all dwelling units\nfor which shares have been issued by the mutual housing company,\nregardless of whether such dwelling units are occupied or vacant,\nprovided however, that where the shareholder of record is deceased, any\nvote attributable to the dwelling unit shall be discounted, both in the\nnumber of votes cast and in the total number of dwelling units upon\nwhich the vote is calculated, until such time as a new shareholder of\nrecord is determined for that dwelling unit.\n 5. No vote as set forth pursuant t
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