assembly Bill A11498B

2009-2010 Legislative Session

Authorizes the incorporation of benefit corporations

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 30, 2010 reported referred to rules
Jun 29, 2010 reported referred to codes
Jun 25, 2010 print number 11498b
Jun 25, 2010 amend (t) and recommit to corporations, authorities and commissions
Jun 23, 2010 print number 11498a
Jun 23, 2010 amend (t) and recommit to corporations, authorities and commissions
Jun 17, 2010 referred to corporations, authorities and commissions

Co-Sponsors

A11498 - Details

See Senate Version of this Bill:
S7855
Current Committee:
Assembly Rules
Law Section:
General Construction Law
Laws Affected:
Amd §§65 & 66, Gen Con L; add Art 17 §§1701 - 1708, BC L
Versions Introduced in 2011-2012 Legislative Session:
A4692, S79

A11498 - Summary

Authorizes the incorporation of benefit corporations and provides for the public benefit to be created by benefit corporations, for the election and termination of the status of a benefit corporation, for the standards of conduct for directors and officers of a benefit corporation, and for the preparation and distribution of an annual benefit report by a benefit corporation.

A11498 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  11498

                          I N  A S S E M B L Y

                              June 17, 2010
                               ___________

Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Brodsky,
  Kavanagh) -- read once and referred to the Committee on  Corporations,
  Authorities and Commissions

AN ACT to amend the business corporation law, in relation to authorizing
  the  incorporation  of  benefit corporations, providing for the public
  benefit to be created by benefit corporations, for  the  election  and
  termination  of the status of a benefit corporation, for the standards
  of conduct for directors and officers of a benefit corporation, for  a
  right  of  action to enforce the duties of directors and officers of a
  benefit corporation, and for the preparation and  distribution  of  an
  annual benefit report by a benefit corporation

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The business corporation law is amended  by  adding  a  new
article 17 to read as follows:
                               ARTICLE 17
                          BENEFIT CORPORATIONS
SECTION 1701. APPLICATION AND EFFECT OF ARTICLE.
        1702. DEFINITIONS.
        1703. FORMATION OF BENEFIT CORPORATIONS.
        1704. ELECTION  OF  AN EXISTING BUSINESS CORPORATION TO BECOME A
                BENEFIT CORPORATION.
        1705. TERMINATION OF BENEFIT CORPORATION STATUS.
        1706. CORPORATE PURPOSES.
        1707. STANDARD OF CONDUCT FOR DIRECTORS.
        1708. BENEFIT DIRECTOR.
        1709. STANDARD OF CONDUCT FOR OFFICERS.
        1710. BENEFIT OFFICER.
        1711. RIGHT OF ACTION.
        1712. ANNUAL BENEFIT REPORT.
S 1701. APPLICATION AND EFFECT OF ARTICLE.
  (A) THIS ARTICLE SHALL BE APPLICABLE TO ALL BENEFIT CORPORATIONS.
  (B) THE EXISTENCE OF A PROVISION OF THIS ARTICLE SHALL NOT  OF  ITSELF
CREATE  ANY  IMPLICATION  THAT A CONTRARY OR DIFFERENT RULE OF LAW IS OR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

Co-Sponsors

A11498A - Details

See Senate Version of this Bill:
S7855
Current Committee:
Assembly Rules
Law Section:
General Construction Law
Laws Affected:
Amd §§65 & 66, Gen Con L; add Art 17 §§1701 - 1708, BC L
Versions Introduced in 2011-2012 Legislative Session:
A4692, S79

A11498A - Summary

Authorizes the incorporation of benefit corporations and provides for the public benefit to be created by benefit corporations, for the election and termination of the status of a benefit corporation, for the standards of conduct for directors and officers of a benefit corporation, and for the preparation and distribution of an annual benefit report by a benefit corporation.

A11498A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                11498--A

                          I N  A S S E M B L Y

                              June 17, 2010
                               ___________

Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Brodsky,
  Kavanagh,  Rosenthal,  Galef,  Corwin,  Gianaris)  --  read  once  and
  referred to the Committee on Corporations, Authorities and Commissions
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the general construction law  and  the  business  corpo-
  ration  law,  in  relation to authorizing the incorporation of benefit
  corporations, providing for the public benefit to be created by  bene-
  fit  corporations, for the election and termination of the status of a
  benefit corporation, for the standards of conduct for directors  of  a
  benefit  corporation,  for  a right of action to enforce the duties of
  directors and public benefit purposes of a  benefit  corporation,  and
  for  the preparation and distribution of an annual benefit report by a
  benefit corporation

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraphs  3 and 4 of subdivision d of section 65 of the
general construction law, as added by chapter 451 of the  laws  of  1973
are amended and a new paragraph 5 is added to read as follows:
  3. A railroad corporation, [or]
  4. A transportation corporation[.], OR
  5. A BENEFIT CORPORATION.
  S 2. Section 66 of the general construction law is amended by adding a
new subdivision 4-a to read as follows:
  4-A.  A  "BENEFIT  CORPORATION"  MEANS A BUSINESS CORPORATION THAT HAS
ELECTED TO BECOME SUBJECT TO ARTICLE SEVENTEEN OF  THE  BUSINESS  CORPO-
RATION  LAW AND WHOSE STATUS AS A FOR PROFIT BENEFIT CORPORATION HAS NOT
BEEN TERMINATED AS PROVIDED IN ARTICLE SEVENTEEN OF THE BUSINESS  CORPO-
RATION LAW.
  S  3.  The business corporation law is amended by adding a new article
17 to read as follows:
                               ARTICLE 17
                          BENEFIT CORPORATIONS
SECTION 1701. APPLICATION AND EFFECT OF ARTICLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

Co-Sponsors

view additional co-sponsors

A11498B (ACTIVE) - Details

See Senate Version of this Bill:
S7855
Current Committee:
Assembly Rules
Law Section:
General Construction Law
Laws Affected:
Amd §§65 & 66, Gen Con L; add Art 17 §§1701 - 1708, BC L
Versions Introduced in 2011-2012 Legislative Session:
A4692, S79

A11498B (ACTIVE) - Summary

Authorizes the incorporation of benefit corporations and provides for the public benefit to be created by benefit corporations, for the election and termination of the status of a benefit corporation, for the standards of conduct for directors and officers of a benefit corporation, and for the preparation and distribution of an annual benefit report by a benefit corporation.

A11498B (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                11498--B

                          I N  A S S E M B L Y

                              June 17, 2010
                               ___________

Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Brodsky,
  Kavanagh,  Rosenthal,  Galef,  Corwin,  Gianaris)  --  read  once  and
  referred to the Committee on Corporations, Authorities and Commissions
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee -- again reported from said  commit-
  tee  with  amendments, ordered reprinted as amended and recommitted to
  said committee

AN ACT to amend the general construction law  and  the  business  corpo-
  ration  law,  in  relation to authorizing the incorporation of benefit
  corporations, providing for the public benefit to be created by  bene-
  fit  corporations, for the election and termination of the status of a
  benefit corporation, for the standards of conduct for directors  of  a
  benefit  corporation,  and  for the preparation and distribution of an
  annual benefit report by a benefit corporation

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraphs  3 and 4 of subdivision d of section 65 of the
general construction law, as added by chapter 451 of the  laws  of  1973
are amended and a new paragraph 5 is added to read as follows:
  3. A railroad corporation, [or]
  4. A transportation corporation[.], OR
  5. A BENEFIT CORPORATION.
  S 2. Section 66 of the general construction law is amended by adding a
new subdivision 4-a to read as follows:
  4-A.  A  "BENEFIT  CORPORATION"  MEANS A BUSINESS CORPORATION THAT HAS
ELECTED TO BECOME SUBJECT TO ARTICLE SEVENTEEN OF  THE  BUSINESS  CORPO-
RATION LAW AND WHOSE STATUS AS A BENEFIT CORPORATION HAS NOT BEEN TERMI-
NATED AS PROVIDED IN ARTICLE SEVENTEEN OF THE BUSINESS CORPORATION LAW.
  S  3.  The business corporation law is amended by adding a new article
17 to read as follows:
                               ARTICLE 17
                          BENEFIT CORPORATIONS
SECTION 1701. APPLICATION AND EFFECT OF ARTICLE.
        1702. DEFINITIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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