1066

Active members who are exercising their occupancy rights on the date of the mortgage payoff may acquire ownership rights over the housing unit after the corresponding conversion to a member-owner regime as established in the General Cooperative Partnerships Act. In the new cooperative housing model set forth in this chapter, the conversion shall be guaranteed and integrated as an automatic procedure in the articles of incorporation, and thus be established in the Strategic Plan; the Construction, Conversion, Acquisition, Rehabilitation, and Interim Financing Coordination Plan; and the Operational and Economic Plan.\nIndividual ownership shall be created and take effect only as a consequence of the mortgage payoff and upon the conclusion of the conversion plan. No member, officer, entity, agency, or person may enter into agreements, transactions, or contracts regarding individual ownership prior to this conversion.\nHistory —July 27, 2011, No. 147, § 8.