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Assembly Bill A8918

2009-2010 Legislative Session

Relates to adopting a prudent management of institutional funds standard, as proposed in legislative bills numbers S.4778-A and A.7907-A

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Archive: Last Bill Status - In Assembly Committee

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2009-A8918 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd ยง551, N-PC L

2009-A8918 (ACTIVE) - Summary

Relates to adopting a prudent management of institutional funds standard, as proposed in legislative bill numbers A.7907-A and S.4778-A.

2009-A8918 (ACTIVE) - Sponsor Memo

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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