Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to corporations, authorities and commissions |
Jun 15, 2009 |
referred to corporations, authorities and commissions |
Assembly Bill A8918
2009-2010 Legislative Session
Sponsored By
BING
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
2009-A8918 (ACTIVE) - Details
- Current Committee:
- Assembly Corporations, Authorities And Commissions
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Amd §551, N-PC L
2009-A8918 (ACTIVE) - Sponsor Memo
BILL NUMBER:A8918 TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to adopting a prudent management of institutional funds standard PURPOSE OR GENERAL IDEA OF BILL: To ensure that governmental institutions manage funds held for a charitable purpose with prudence and care as required of private institutional funds. SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill provides that governmental funds held for charitable purposes are included in those funds for which prudent management is required. JUSTIFICATION: Funds held for charitable purposes should be protected by prudent management and careful investment. Recent events have shown that all funds are vulnerable to schemes by unscrupulous investment advisors. Prudent management standards, such as that which will be required of funds held by governmental entities for charitable purposes under this legislation, can protect those funds and ensure the funds are used for the charitable purposes for which they were designed.
2009-A8918 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8918 2009-2010 Regular Sessions I N A S S E M B L Y June 15, 2009 ___________ Introduced by M. of A. BING -- 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 adopting a prudent management of institutional funds standard THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (d) of section 551 of the not-for-profit corpo- ration law, as added by a chapter of the laws of 2009, amending the not-for-profit corporation law and other laws generally relating to adopting a prudent management of institutional funds standard, as proposed in legislative bills numbers S. 4778-A and A. 7907-A, is amended to read as follows: (d) "Institution" means: (1) a person, other than an individual, organized and operated exclusively for charitable purposes; (2) A GOVERNMENT OR GOVERNMENTAL SUBDIVISION, AGENCY, OR INSTRUMENTALITY, TO THE EXTENT THAT IT HOLDS FUNDS EXCLUSIVELY FOR A CHARITABLE PURPOSE; (3) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated; or [(3)] (4) any corporation described in subparagraph five of paragraph (a) of section 102 of this chapter. S 2. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2009, amending the not-for-profit corporation law and other laws generally relating to adopting a prudent management of institutional funds standard, as proposed in legislative bills numbers S. 4778-A and A. 7907-A, takes effect. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14395-02-9
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