2019 New York Laws
BSC - Business Corporation
Article 7 - Directors and Officers
727 - Annual Reports for Certain Transactions Required.

§ 727. Annual reports for certain transactions required.
  (a)  A  condominium  created  pursuant  to  the real property law or a
cooperative housing corporation created pursuant to this chapter, shall,
at least once each year:
  (1) require that each  director,  as  defined  in  paragraph  five  of
subdivision  (a)  of  section one hundred two of this chapter, receive a
copy of section seven hundred thirteen of this chapter; and
  (2) submit an annual report to the shareholders, which shall be signed
by each such director, containing information  on  any  contracts  made,
entered  into, or otherwise voted on by the board of directors where one
or more of the directors was an interested director, pursuant to section
seven hundred thirteen of this chapter.
  (b) The annual report required by  subdivision  (a)  of  this  section
shall include, but not be limited to, the following:
  (1)  a  list  of  all  contracts  voted  on by the board of directors,
including information on the contract recipient,  contract  amount,  and
the purpose of entering into the contract;
  (2)  the  record of each meeting including director attendance, voting
records for contracts, and how each director voted  on  such  contracts;
and
  (3)  the date of each vote on each contract, and the date the contract
would be and remain valid.
  (c) If the annual report required by subdivision (a) of  this  section
would,  notwithstanding  the  requirements  of  this section, contain no
information because of the absence of any actions  taken  by  the  board
that  would  otherwise qualify for inclusion in such annual report, then
the board shall instead submit to the shareholders a document, signed by
each director, indicating: "No actions taken by the board  were  subject
to  the  annual  report required pursuant to section 727 of the Business
Corporation Law".