Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to corporations, authorities and commissions |
Feb 10, 2009 |
referred to corporations, authorities and commissions |
Assembly Bill A5186
2009-2010 Legislative Session
Sponsored By
TITONE
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Ginny Fields
Ellen C. Jaffee
Ann-Margaret Carrozza
Louis Tobacco
multi-Sponsors
William Boyland
Michael Cusick
Francine DelMonte
Alan Maisel
2009-A5186 (ACTIVE) - Details
- See Senate Version of this Bill:
- S519
- Current Committee:
- Assembly Corporations, Authorities And Commissions
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Amd ยง509, N-PC L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
A4508
2013-2014: A3536
2015-2016: A2968
2017-2018: A7420
2009-A5186 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5186 2009-2010 Regular Sessions I N A S S E M B L Y February 10, 2009 ___________ Introduced by M. of A. TITONE, FIELDS, JAFFEE, CARROZZA, TOBACCO -- Multi-Sponsored by -- M. of A. BOYLAND, CUSICK, DelMONTE, EDDINGTON, MAISEL, REILLY, WEISENBERG -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the not-for-profit corporation law, in relation to the sale of real property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 509 of the not-for-profit corporation law, as amended by chapter 145 of the laws of 1991, is amended to read as follows: S 509. Purchase, sale, mortgage and lease of real property. 1. No purchase of real property shall be made by a corporation and no corporation shall sell, mortgage or lease real property, unless author- ized by the vote of two-thirds of the entire board, provided that if there are twenty-one or more directors, the vote of a majority of the entire board shall be sufficient. 2. (A) A CORPORATION WHICH SELLS REAL PROPERTY TO ANY ENTITY OTHER THAN THE STATE OF NEW YORK OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH IS GOVERNED BY THIS CHAPTER SHALL REIMBURSE THE STATE AND/OR A MUNICI- PALITY FOR ANY CAPITAL FUNDING, GRANTS OR FINANCING RECEIVED THROUGH A STATE OR MUNICIPAL AGENCY OR PUBLIC BENEFIT CORPORATION WITHIN THE TEN YEARS PRECEDING SUCH SALE. (B) A SALE OF REAL PROPERTY BY A NOT-FOR-PROFIT CORPORATION TO ANY ENTITY OTHER THAN THE STATE OF NEW YORK OR ANOTHER NOT-FOR-PROFIT CORPO- RATION WHICH IS GOVERNED BY THIS CHAPTER SHALL NOT BE EXEMPT FROM THE PAYMENT OF REAL PROPERTY TRANSFER TAX IMPOSED UNDER SECTION FOURTEEN HUNDRED TWO OF THE TAX LAW. (C) ANY CORPORATION WHICH HAS RECEIVED A REAL PROPERTY TAX ABATEMENT WITHIN THE LAST TEN YEARS FOR REAL PROPERTY TAXES ASSESSED ON SUCH PROP- ERTY SHALL REIMBURSE THE TAXING AUTHORITY THE TOTAL AMOUNT OF ANY SUCH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01680-01-9
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