SENATE, No. 348

STATE OF NEW JERSEY

Introduced Pending Technical Review by Legislative Counsel

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Senator BAER

An Act to amend "The Cooperative Recording Act of New Jersey," (P.L.1987, c.381 (C.46:8D-1 et seq.)

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. Section 20 of P.L.1987, c.381 is amended to read as follows:

    20. This act applies to all cooperatives created within this State after the effective date of this act; provided, however, that the provisions of this act shall also apply to any cooperative created prior to the effective date of this act if the association governing the cooperative elects to file in the office of the county recording officer of the county wherein the cooperative is located a master declaration and a matter register of all cooperative units allocated for separate occupancy executed and acknowledged by all the owners of the land and setting forth all matters required in sections 6 and 7 of this act.

(cf. P.L.1987, c.381, s.20)

    2. This act shall take effect immediately.

STATEMENT

    The "Cooperative Recording Act of New Jersey," N.J.S.A.46:8D-1, enacted in 1987, established a title registration system similar to the system for recording deeds, for the recording of proprietary leases issued by cooperatives. As enacted, the Cooperative Recording Act was applicable only to cooperatives created after its effective date. This bill would permit cooperatives in existence prior to the enactment of the Cooperative Recording Act to be covered by its provisions if the association governing the cooperative elects to comply with the filing requirement set forth in that act.

Extends provisions of Cooperative Recording Act to cooperatives in existence prior to its effective date.