N.Y. UDR Law § 5 — New York Code / Act UDR / Section 5
Membership council
Status: in_force

§ 5. Membership council. (1) The corporation shall establish a\nmembership council which shall have the powers and duties specified\nherein. The council shall consist of no less than fifteen nor more than\nforty-five members. The members of the council shall be elected by vote\nof the certificate holders as provided in subdivision two of this\nsection at the first annual meeting of such certificate holders and at\neach annual meeting thereafter. If a vacancy occurs in the membership\ncouncil through death, resignation or otherwise, the remaining members\nshall elect a person to fill such vacancy for the unexpired term.\n  (2) Corporations, trusts, associations, partnerships and individuals,\nincluding without implied limitation, any banking institution, insurance\nor surety company, labor union, employers' association, educational\ninstitution, utility or railroad, located or authorized to do business\nin New York may be admitted to membership in the corporation at any time\nby action of the directors of the corporation. Membership shall be\nevidenced by membership certificates in amounts of multiples of five\nhundred dollars. Members shall pay such annual dues as shall be\ndetermined by the directors of the corporation. Each member shall have\none vote for each five hundred dollars of stated value represented by\nthe membership certificates of such member. Each member entitled to vote\nmay vote by proxy. No voting rights shall arise with respect to any\npayment or transfer which shall be made to the corporation in the form\nof a contribution, bequest or devise.\n  (3) The membership council shall elect a chairman from among the\nmembers of the council. The council shall meet at the call of the\nchairman or on petition of any three members thereof. A majority of the\ncouncil shall constitute a quorum to transact the business of the\ncouncil. The council shall advise and assist the corporation in carrying\nout its corporate purposes. It shall coordinate the activities and\nprograms of the corporation with business interests in the community and\nshall seek to enlist the support and membership of such businesses and\nof institutional lenders. The council shall have the following\nadditional duties:\n  (a) to cause such studies, research and investigations to be made as\nit may deem advisable and necessary;\n  (b) to collect and compile information and data relating to the\nplanning and development of urban areas and the investment of private\ncapital therein;\n  (c) to recommend to the corporation the undertaking of specific\nhousing and industrial projects or any combination thereof;\n  (d) to assist and cooperate with municipalities and with civic and\nplanning associations in furtherance of the corporate purposes of the\ncorporation;\n  (e) to recommend to the directors of the corporation persons to serve\nas directors of subsidiary corporations, pursuant to section nine of\nthis act.\n  (4) All actions of the membership council involving an estimated\nexpenditure of more than one thousand dollars shall be subject to the\napproval of the directors of the corporation.\n