Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to corporations, authorities and commissions |
Jan 07, 2009 |
referred to corporations, authorities and commissions |
Senate Bill S519
2009-2010 Legislative Session
Sponsored By
(R, C, IP, RFM) 24th Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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
2009-S519 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5186
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Amd §509, N-PC L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
A4508
2013-2014: A3536
2015-2016: A2968
2017-2018: A7420
2009-S519 (ACTIVE) - Sponsor Memo
BILL NUMBER: S519 TITLE OF BILL : An act to amend the not-for-profit corporation law, in relation to the sale of real property PURPOSE : Relates to sales of real property by not-for-profit corporations. SUMMARY OF PROVISIONS : This legislation amends §509 of the Not-For-Profit Corporation Law by adding a new subdivision 2 to provide that any corporation that has received capital funding, grants or financing within 10 years preceding a sale of real property to any entity other than the state of New York or another not-for-profit shall reimburse the state and/or municipality for such funding. Additionally, such property shall not be exempt from the payment of real property transfer tax and shall reimburse any real property tax abatements. JUSTIFICATION : The State of New York supports many not-for-profit and charitable institutions that purchase real property to carry out their charitable, or educational purposes. The State, recognizing the good work that is done by these agencies, has given State grants, financing
2009-S519 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 519 2009-2010 Regular Sessions I N S E N A T E (PREFILED) January 7, 2009 ___________ Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed 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.
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