Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to corporations, authorities and commissions |
Jan 28, 2013 |
referred to corporations, authorities and commissions |
Assembly Bill A3536
2013-2014 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
Ellen C. Jaffee
multi-Sponsors
Michael Cusick
Harvey Weisenberg
2013-A3536 (ACTIVE) - Details
2013-A3536 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3536 2013-2014 Regular Sessions I N A S S E M B L Y January 28, 2013 ___________ Introduced by M. of A. TITONE, JAFFEE -- Multi-Sponsored by -- M. of A. BOYLAND, CUSICK, MAISEL, 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 OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH IS SUBJECT TO THE PROVISIONS OF THIS CHAPTER SHALL REIMBURSE THE STATE AND/OR A MUNI- CIPALITY FOR ANY CAPITAL FUNDING, GRANTS OR FINANCING RECEIVED THROUGH THE STATE OR A 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 OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH IS SUBJECT TO THE PROVISIONS OF THIS CHAPTER SHALL NOT BE EXEMPT FROM THE PAYMENT OF THE REAL PROPERTY TRANSFER TAX IMPOSED BY SECTION FOUR- TEEN 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 ABATEMENT UPON THE SALE OF SUCH REAL PROPERTY TO ANY ENTITY OTHER THAN THE STATE OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH IS SUBJECT TO THE PROVISIONS OF THIS CHAPTER. S 2. This act shall take effect immediately.
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