senate Bill S79A

Signed By Governor
2011-2012 Legislative Session

Authorizes the incorporation of benefit corporations

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 12, 2011 approval memo.16
signed chap.599
Nov 30, 2011 delivered to governor
Jun 17, 2011 returned to senate
passed assembly
ordered to third reading rules cal.395
substituted for a4692a
Jun 16, 2011 referred to codes
delivered to assembly
passed senate
Jun 13, 2011 advanced to third reading
Jun 07, 2011 2nd report cal.
Jun 06, 2011 1st report cal.1014
Jun 01, 2011 reported and committed to corporations, authorities and commissions
May 26, 2011 print number 79a
amend and recommit to judiciary
Apr 05, 2011 notice of committee consideration - requested
Jan 05, 2011 referred to judiciary

Votes

view votes

Jun 6, 2011 - Corporations, Authorities and Commissions committee Vote

S79A
6
0
committee
6
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Jun 6, 2011

Jun 1, 2011 - Judiciary committee Vote

S79A
20
0
committee
20
Aye
0
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Judiciary committee vote details

Co-Sponsors

view additional co-sponsors

S79 - Details

See Assembly Version of this Bill:
A4692A
Law Section:
General Construction Law
Laws Affected:
Amd §§65 & 66, Gen Con L; add Art 17 §§1701 - 1709, amd §720, BC L
Versions Introduced in 2009-2010 Legislative Session:
S7855B, A11498B

S79 - 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.

S79 - Sponsor Memo

S79 - Bill Text download pdf

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

                                   79

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

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

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
SECTION 1701. APPLICATION AND EFFECT OF ARTICLE.
        1702. DEFINITIONS.

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

Co-Sponsors

view additional co-sponsors

S79A (ACTIVE) - Details

See Assembly Version of this Bill:
A4692A
Law Section:
General Construction Law
Laws Affected:
Amd §§65 & 66, Gen Con L; add Art 17 §§1701 - 1709, amd §720, BC L
Versions Introduced in 2009-2010 Legislative Session:
S7855B, A11498B

S79A (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.

S79A (ACTIVE) - Sponsor Memo

S79A (ACTIVE) - Bill Text download pdf

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

                                  79--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by Sens. SQUADRON, BRESLIN, LARKIN, PARKER, SAMPSON, SERRANO
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Judiciary  --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

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 INCORPORATED
UNDER ARTICLE SEVENTEEN 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.
  S  3.  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.

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.