senate Bill S7855

2009-2010 Legislative Session

Authorizes the incorporation of benefit corporations

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 28, 2010 referred to corporations, authorities and commissions
returned to assembly
repassed senate
Jun 25, 2010 amended on third reading (t) 7855b
Jun 22, 2010 amended on third reading (t) 7855a
Jun 22, 2010 vote reconsidered - restored to third reading
returned to senate
recalled from assembly
Jun 16, 2010 referred to corporations, authorities and commissions
delivered to assembly
passed senate
ordered to third reading cal.986
Jun 15, 2010 committee discharged and committed to rules
May 17, 2010 referred to corporations, authorities and commissions

Votes

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Jun 16, 2010 - Rules committee Vote

S7855
18
2
committee
18
Aye
2
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

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S7855 - Details

See Assembly Version of this Bill:
A11498
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Business Corporation Law
Laws Affected:
Add Art 17 §§1701 - 1712, BC L
Versions Introduced in 2011-2012 Legislative Session:
S79, A4692

S7855 - 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.

S7855 - Sponsor Memo

S7855 - Bill Text download pdf

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

                                  7855

                            I N  S E N A T E

                              May 17, 2010
                               ___________

Introduced by Sens. SQUADRON, BRESLIN, SERRANO -- read twice and ordered
  printed,  and  when printed to be committed to the Committee on Corpo-
  rations, 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

view additional co-sponsors

S7855A - Details

See Assembly Version of this Bill:
A11498
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Business Corporation Law
Laws Affected:
Add Art 17 §§1701 - 1712, BC L
Versions Introduced in 2011-2012 Legislative Session:
S79, A4692

S7855A - 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.

S7855A - Sponsor Memo

S7855A - Bill Text download pdf

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

                                 7855--A
    Cal. No. 986

                            I N  S E N A T E

                              May 17, 2010
                               ___________

Introduced  by  Sens.  SQUADRON,  BRESLIN, LARKIN, ONORATO, OPPENHEIMER,
  PARKER, SERRANO -- read twice and ordered printed, and when printed to
  be committed to the Committee on Corporations, Authorities and Commis-
  sions -- committee discharged and said bill committed to the Committee
  on Rules -- ordered to a third reading, passed by Senate and delivered
  to the Assembly, recalled, vote reconsidered, restored to third  read-
  ing,  amended  and ordered reprinted, retaining its place in the order
  of third reading

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:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

view additional co-sponsors

S7855B (ACTIVE) - Details

See Assembly Version of this Bill:
A11498
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Business Corporation Law
Laws Affected:
Add Art 17 §§1701 - 1712, BC L
Versions Introduced in 2011-2012 Legislative Session:
S79, A4692

S7855B (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.

S7855B (ACTIVE) - Sponsor Memo

S7855B (ACTIVE) - Bill Text download pdf

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

                                 7855--B
    Cal. No. 986

                            I N  S E N A T E

                              May 17, 2010
                               ___________

Introduced  by  Sens.  SQUADRON,  BRESLIN, LARKIN, ONORATO, OPPENHEIMER,
  PARKER, SERRANO -- read twice and ordered printed, and when printed to
  be committed to the Committee on Corporations, Authorities and Commis-
  sions -- committee discharged and said bill committed to the Committee
  on Rules -- ordered to a third reading, passed by Senate and delivered
  to the Assembly, recalled, vote reconsidered, restored to third  read-
  ing,  amended  and ordered reprinted, retaining its place in the order
  of third reading -- again amended and ordered reprinted, retaining its
  place in the order of third reading

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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