senate Bill S6088

2011-2012 Legislative Session

Relates to the incorporation of benefit corporations and standards of conduct of directors and officers of benefit corporations

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Sponsored By

Archive: Last Bill Status - In Committee


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

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 committed to rules
Jun 05, 2012 advanced to third reading
Jun 04, 2012 2nd report cal.
May 31, 2012 1st report cal.984
Jan 04, 2012 referred to judiciary

Votes

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May 31, 2012 - Judiciary committee Vote

S6088
19
0
committee
19
Aye
0
Nay
2
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Judiciary committee vote details

Co-Sponsors

S6088 - Details

See Assembly Version of this Bill:
A8907
Current Committee:
Law Section:
General Construction Law
Laws Affected:
Amd §66, Gen Con L; amd §§1702 - 1705, BC L

S6088 - Summary

Relates to the incorporation of benefit corporations and standards of conduct of directors and officers of benefit corporations.

S6088 - Sponsor Memo

S6088 - Bill Text download pdf

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

    S. 6088                                                  A. 8907

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 4, 2012
                               ___________

IN  SENATE  --  Introduced  by  Sens. SQUADRON, LARKIN -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Judiciary

IN  ASSEMBLY  -- Introduced by M. of A. SILVER -- read once and referred
  to the Committee on Corporations, Authorities and Commissions

AN ACT to amend the general construction law  and  the  business  corpo-
  ration law, in relation to benefit corporations

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

  Section 1. Subdivision 4-a of section 66 of the  general  construction
law,  as added by chapter 599 of the laws of 2011, is amended to read as
follows:
  4-a. A "benefit corporation" means a business corporation incorporated
under article [seventeen] FOUR of  the  business  corporation  law  [and
whose  status  as  a  benefit  corporation  has  not  been terminated as
provided in article seventeen of the business corporation law] THAT  WAS
FORMED  AS  A  BENEFIT  CORPORATION  OR  HAS ELECTED TO BECOME A BENEFIT
CORPORATION AS PROVIDED IN ARTICLE SEVENTEEN OF THE BUSINESS CORPORATION
LAW UNTIL SUCH TIME AS IT HAS CEASED TO  BE  A  BENEFIT  CORPORATION  AS
PROVIDED IN ARTICLE SEVENTEEN OF THE BUSINESS CORPORATION LAW.
  S  2.  Paragraphs  (a)  and (d) of section 1702 of the business corpo-
ration law, as added by chapter 599 of the laws of 2011, are amended  to
read as follows:
  (a)  "Benefit  corporation"  means a business corporation incorporated
under [this article and whose status as a benefit  corporation  has  not
been  terminated as provided in this article] ARTICLE FOUR OF THIS CHAP-
TER THAT WAS FORMED AS A BENEFIT CORPORATION OR HAS ELECTED TO BECOME  A
BENEFIT  CORPORATION  AS  PROVIDED IN THIS ARTICLE UNTIL SUCH TIME AS IT
HAS CEASED TO BE A BENEFIT CORPORATION AS PROVIDED IN THIS ARTICLE.
  (d) "Minimum status  vote"  means  that,  in  addition  to  any  other
approval  or  vote required by this chapter, the certificate of incorpo-
ration or a bylaw adopted by the shareholders, THE HIGHER OF:
  (1) [The holders of shares of every class or series that are  entitled
to  vote on the corporate action shall be entitled to vote as a class on

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