Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to corporations, authorities and commissions |
Mar 04, 2013 |
referred to corporations, authorities and commissions |
Assembly Bill A5592
2013-2014 Legislative Session
Sponsored By
BRENNAN
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
Donna Lupardo
multi-Sponsors
Rhoda Jacobs
2013-A5592 (ACTIVE) - Details
2013-A5592 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5592 2013-2014 Regular Sessions I N A S S E M B L Y March 4, 2013 ___________ Introduced by M. of A. BRENNAN, LUPARDO -- Multi-Sponsored by -- M. of A. JACOBS -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the religious corporations law, in relation to the sale, mortgage and lease of real property of a religious corporation THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 1 and 9 of section 12 of the religious corpo- rations law, subdivision 1 as amended by chapter 244 of the laws of 1981 and subdivision 9 as amended by chapter 962 of the laws of 1969, are amended to read as follows: 1. (A) A religious corporation shall not sell, mortgage or lease for a term exceeding five years any of its real property without applying for and obtaining leave of the court therefor pursuant to section five hundred eleven of the not-for-profit corporation law as that section is modified by paragraph (d-1) of [subsection] SUBDIVISION one of section two-b of this chapter, except that a religious corporation may execute a purchase money mortgage or a purchase money security agreement creating a security interest in personal property purchased by it without obtain- ing leave of the court therefor. (B) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVI- SION, ANY SOLVENT RELIGIOUS CORPORATION MAY SELL ANY OF ITS REAL PROPER- TY WITHOUT A COURT ORDER IN THE FOLLOWING CIRCUMSTANCES: (I) THE RELIGIOUS CORPORATION SHALL HAVE AND MAINTAIN IN ITS RECORDS AN APPRAISAL REPORT PREPARED BY A PROFESSIONAL APPRAISER AND DATED OR UPDATED WITHIN NINETY DAYS OF THE SALE SHOWING THE FAIR MARKET VALUE TO BE LESS THAN TWO HUNDRED THOUSAND DOLLARS; (II) THE SALE SHALL BE AN ARM'S LENGTH TRANSACTION FOR A CASH CONSID- ERATION AT THE FAIR MARKET VALUE OF THE PROPERTY WHICH SHALL BE WITHIN TEN PERCENT OF THE APPRAISED VALUE; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09457-01-3
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