Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 06, 2020 |
referred to corporations, authorities and commissions |
Assembly Bill A9711
2019-2020 Legislative Session
Sponsored By
LAVINE
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
2019-A9711 (ACTIVE) - Details
2019-A9711 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9711 I N A S S E M B L Y February 6, 2020 ___________ Introduced by M. of A. LAVINE -- 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 corporate membership of housing development fund companies and corpo- rations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of section 601 of the not-for-profit corpo- ration law, as amended by chapter 411 of the laws of 2018, is amended to read as follows: (a) A corporation shall have one or more classes of members, or, in the case of a charitable corporation, may have no members, in which case any such provision for classes of members or for no members shall be set forth in the certificate of incorporation or the by-laws. Corporations, joint-stock associations, unincorporated associations and partnerships, as well as any other person without limitation, may be members, provided however, that effective July first, two thousand nineteen, no corpo- ration except a corporation that has no members, shall have a membership comprised of fewer than three persons. A corporation may have a corpo- ration, joint-stock association, unincorporated association or partner- ship as a sole member, if such corporation, joint-stock association, unincorporated association or partnership is owned or controlled by no fewer than three persons. NOTWITHSTANDING ANY OTHER PROVISION OF LAW SET FORTH IN THIS PARAGRAPH, A HOUSING DEVELOPMENT FUND COMPANY OR CORPO- RATION INCORPORATED PURSUANT TO SECTION FIVE HUNDRED SEVENTY-THREE OF THE PRIVATE HOUSING FINANCE LAW MAY HAVE A PUBLIC CORPORATION, AUTHORITY (WHETHER FEDERAL OR STATE HOUSING AUTHORITY), MUNICIPAL CORPORATION OR HOUSING COMPANY AS ITS SOLE MEMBER, PROVIDED SUCH HOUSING DEVELOPMENT FUND COMPANY OR CORPORATION IS COMPOSED OF THE CHAIR AND THE DULY APPOINTED AND ELECTED COMMISSIONERS OR DIRECTORS OF SUCH PUBLIC CORPO- RATION, AUTHORITY, MUNICIPAL CORPORATION OR HOUSING COMPANY. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14202-01-9
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.