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Senate Bill S3003

2011-2012 Legislative Session

Protects directors, officers and trustees of certain corporations from liability

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Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

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2011-S3003 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §720-a, N-PC L
Versions Introduced in 2009-2010 Legislative Session:
S213

2011-S3003 (ACTIVE) - Summary

Limits the civil liability of directors, officers and trustees of corporations described in §501 (c) (4) of the internal revenue code (charitable organizations) under provisions that limit their civil liability in certain cases.

2011-S3003 (ACTIVE) - Sponsor Memo

2011-S3003 (ACTIVE) - Bill Text download pdf 

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

                                  3003

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 7, 2011
                               ___________

Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT  to  amend  the  not-for-profit  corporation law, in relation to
  liability of directors, officers and trustees of certain corporations

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

  Section  1.  Section  720-a  of the not-for-profit corporation law, as
added by chapter 220 of the laws of 1986, is amended to read as follows:
S 720-a. Liability of directors, officers and trustees.
  Except as provided  in  sections  seven  hundred  nineteen  and  seven
hundred  twenty  of  this  [chapter]  ARTICLE,  and except any action or
proceeding brought by the attorney general or, in  the case of a  chari-
table  trust,  an  action  or  proceeding against a trustee brought by a
beneficiary of such trust, no person serving without compensation  as  a
director, officer or trustee of a corporation, association, organization
or  trust  described in section 501 (c) (3) OR 501 (C) (4) of the United
States internal revenue code shall be liable to any  person  other  than
such corporation, association, organization or trust based solely on his
or  her  conduct  in  the execution of such office unless the conduct of
such director, officer or trustee with respect to the  person  asserting
liability  constituted  gross  negligence  or  was intended to cause the
resulting harm to the person asserting such liability. For  purposes  of
this  section,  such a director, officer or trustee shall not be consid-
ered compensated solely by reason  of  payment  of  his  or  her  actual
expenses incurred in attending meetings or otherwise in the execution of
such office.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00368-01-1

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