Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to corporations, authorities and commissions |
Apr 25, 2017 |
referred to corporations, authorities and commissions |
Assembly Bill A7420
2017-2018 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
2017-A7420 (ACTIVE) - Details
2017-A7420 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7420 2017-2018 Regular Sessions I N A S S E M B L Y April 25, 2017 ___________ Introduced by M. of A. TITONE, JAFFEE -- Multi-Sponsored by -- M. of A. CUSICK -- 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 549 of the laws of 2013, is amended to read as follows: § 509. Purchase, sale, mortgage and lease of real property. (a) 1. No corporation shall purchase real property unless such purchase is authorized by the vote of a majority of directors of the board or of a majority of a committee authorized by the board, provided that if such property would, upon purchase thereof, constitute all, or substantially all, of the assets of the corporation, then the vote of two-thirds of the entire board shall be required, or, if there are twen- ty-one or more directors, the vote of a majority of the entire board shall be sufficient. [(b)] 2. No corporation shall sell, mortgage, lease, exchange or otherwise dispose of its real property unless authorized by the vote of a majority of directors of the board or of a majority of a committee authorized by the board; provided that if such property constitutes all, or substantially all, of the assets of the corporation, then the vote of two-thirds of the entire board shall be required, or, if there are twen- ty-one or more directors, the vote of a majority of the entire board shall be sufficient. [(c)] 3. If a corporation authorizes a committee to act pursuant to [paragraphs (a) and (b)] SUBPARAGRAPHS ONE AND TWO of this [section] PARAGRAPH, the committee shall promptly report any actions taken to the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11033-01-7
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