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 |
Senate Bill S6088
2011-2012 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(R, C) Senate District
2011-S6088 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8907
- Current Committee:
- Senate Rules
- Law Section:
- General Construction Law
- Laws Affected:
- Amd §66, Gen Con L; amd §§1702 - 1705, BC L
2011-S6088 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6088 TITLE OF BILL: An act to amend the general construction law and the business corporation law, in relation to benefit corporations PURPOSE OR GENERAL IDEA OF BILL: This bill amends Chapter 599 of the laws of 2011 establishing a new corporate form known as benefit corporation. SUMMARY OF PROVISIONS: Section 1 of the bill makes technical changes to clarify that a benefit corporation is an Article 4 corporation, which has also elected to become a benefit corporation pursuant to Article 17 of the business corporation law. Section 2 of the bill amends the minimum status vote to be the greater of two thirds or whatever vote is required in the certificate of incorporation. Section 3 and 4 of the bill make conforming changes. Section 5 of the bill eliminates the allowance for a benefit corporation to sell or lease substantially all of its assets even if
2011-S6088 (ACTIVE) - 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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