(a) A condominium created pursuant to the real property law or a cooperative housing corporation created pursuant to the business corporation law, shall, at least once each year:
(1) require that each director, as defined in paragraph six of subdivision (a) of section one hundred two of this chapter, receive a copy of section seven hundred fifteen of this chapter; and
(2) provide an annual report to the members or to the governing board, if there are no members, 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 that were considered a related party transaction pursuant to section seven hundred fifteen 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 paragraph two of 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 members or to the governing board, if there are no members, a document, signed by each director, indicating: "No actions taken by the board were subject to the annual report required pursuant to section 519-a of the Not-for-Profit Corporation Law".
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