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Assembly Bill A5186

2009-2010 Legislative Session

Relates to sales of real property by not-for-profit corporations

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Archive: Last Bill Status - In Assembly Committee

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2009-A5186 (ACTIVE) - Details

See Senate Version of this Bill:
S519
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd ยง509, N-PC L
Versions Introduced in Other Legislative Sessions:
2011-2012: A4508
2013-2014: A3536
2015-2016: A2968
2017-2018: A7420

2009-A5186 (ACTIVE) - Summary

Relates to sales of real property by not-for-profit corporations; requires repayment of certain funds, grants and tax abatements where real property is sold to a for-profit corporation or other private entity.

2009-A5186 (ACTIVE) - Bill Text download pdf 

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

                                  5186

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 10, 2009
                               ___________

Introduced  by  M.  of  A.  TITONE, FIELDS, JAFFEE, CARROZZA, TOBACCO --
  Multi-Sponsored by -- M.  of A. BOYLAND, CUSICK, DelMONTE,  EDDINGTON,
  MAISEL,  REILLY, 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 OF NEW YORK OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH
IS GOVERNED BY THIS CHAPTER SHALL REIMBURSE THE STATE AND/OR  A  MUNICI-
PALITY  FOR  ANY CAPITAL FUNDING, GRANTS OR FINANCING RECEIVED THROUGH A
STATE OR 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 OF NEW YORK OR ANOTHER NOT-FOR-PROFIT CORPO-
RATION WHICH IS GOVERNED BY THIS CHAPTER SHALL NOT BE  EXEMPT  FROM  THE
PAYMENT  OF  REAL  PROPERTY  TRANSFER TAX IMPOSED UNDER SECTION FOURTEEN
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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01680-01-9

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