|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 22, 2012||reported and committed to finance|
|Apr 13, 2012||referred to investigations and government operations|
senate Bill S6930
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6930 - Details
- See Assembly Version of this Bill:
- Law Section:
- Executive Law
- Laws Affected:
- Amd §63, Exec L; amd §§202, 717, 719 & 720, add §§727 & 728, N-PC L
S6930 - Sponsor Memo
BILL NUMBER:S6930 TITLE OF BILL: An act to amend the executive law and the not-for-profit corporation law, in relation to compensation of executives of certain not-for-profit corporations PURPOSE: To provide clear and concise requirements and procedures to ensure that compensation paid to executives at not-for-profits funded by the State are reasonable and not excessive. SUMMARY OF PROVISIONS: Section 1 adds a new subdivision 14 to Section 63 of the executive law which allows the prosecution of all actions in connection with section 728 of the not-for-profit corporation law. Section 2 amends sub-paragraph 12 of paragraph a of section 202 of the not-for-profit corporation law to include section 727 of this chapter when defining compensation. Section 3 amends paragraph a of section 717 of the not-for-profit corporation law to include language that any compensation provided to directors, officers, employees and other agents of the corporation shall be reasonable and, where applicable, is subject to section 727
S6930 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6930 I N S E N A T E April 13, 2012 ___________ Introduced by Sen. MARCELLINO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the executive law and the not-for-profit corporation law, in relation to compensation of executives of certain not-for-pro- fit corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 63 of the executive law is amended by adding a new subdivision 14 to read as follows: 14. PROSECUTE ALL ACTIONS IN CONNECTION WITH SECTION SEVEN HUNDRED TWENTY-SEVEN AND SEVEN HUNDRED TWENTY-EIGHT OF THE NOT-FOR-PROFIT CORPO- RATION LAW. S 2. Subparagraph 12 of paragraph (a) of section 202 of the not-for- profit corporation law is amended to read as follows: (12) To elect or appoint officers, employees and other agents of the corporation, define their duties, fix their reasonable compensation and the reasonable compensation of directors, and to indemnify corporate personnel. Such compensation shall be commensurate with services performed, AND SUBJECT, WHERE APPLICABLE, TO SECTION SEVEN HUNDRED TWEN- TY-SEVEN OF THIS CHAPTER. S 3. Paragraph (a) of section 717 of the not-for-profit corporation law, as amended by chapter 490 of the laws of 2010, is amended to read as follows: (a) Directors and officers shall discharge the duties of their respec- tive positions in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. The factors set forth in subparagraph one of paragraph (e) of section 552 (Standard of conduct in managing and investing an institutional fund), if relevant, must be considered by a governing board delegating investment management of institutional funds pursuant to section 514 (Delegation of investment management). For purposes of this paragraph, the term institutional fund is defined in section 551 (Definitions). FURTHERMORE, ANY COMPENSATION PROVIDED TO DIRECTORS, OFFICERS, EMPLOYEES EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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