senate Bill S7341

2013-2014 Legislative Session

Relates to the effectiveness of certain provisions of law related to reform of charitable organizations

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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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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 13, 2014 referred to corporations, authorities and commissions

S7341 - Bill Details

See Assembly Version of this Bill:
A9600
Current Committee:
Law Section:
Corporations
Laws Affected:
Amd ยง132, Chap 549 of 2013

S7341 - Bill Texts

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Relates to the effectiveness of certain provisions of law related to reform of charitable organizations.

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BILL NUMBER:S7341

TITLE OF BILL: An act to amend chapter 549 of the laws of 2013
amending the executive law and other laws relating to reform of
charitable organizations, in relation to the effectiveness of certain
provisions of such chapter

PURPOSE OR GENERAL IDEA OF BILL: To extend certain sections of chapter
549 of the laws of 2013 to March 31, 2015.

SUMMARY OF SPECIFIC PROVISIONS: Section one - of the bill amends
section 132 of chapter 549 of the laws of 2013 to extend the effective
date of sections 72, 73, 74, 75 and 130 of said chapter from January
1, 2015 to March 31, 2015.

Section two - provides that the Act will take effect immediately.

JUSTIFICATION: It has come to the attention of the state legislature
that a number of NYS nonprofits, especially the smaller ones, need
additional time to complete their analysis of the Non-profit
Revitalization Act of 2013 (Chapter 549) and make the necessary
changes to their bylaws and other legal documents to conform with the
provisions of chapter 549. Nonprofits have also asked for additional
time to implement the provisions relating to directors; such as
independent directors and related party transactions. Questions have
also been raised whether the Act should apply to trusts.

This bill would allow additional time for all nonprofits in this state
to comply with chapter 549, and for the legislature to study the law's
application to trusts.

PRIOR LEGISLATIVE HISTORY: New bill

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: This act shall take effect immediately.

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

                                  7341

                            I N  S E N A T E

                              May 13, 2014
                               ___________

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

AN ACT to amend chapter 549 of the laws of 2013 amending  the  executive
  law  and other laws relating to reform of charitable organizations, in
  relation to the effectiveness of certain provisions of such chapter

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

  Section 1. Section 132 of chapter 549 of the laws of 2013 amending the
executive  law and other laws relating to reform of charitable organiza-
tions is amended to read as follows:
  S 132. This act shall take effect July  1,  2014,  provided,  however,
that  the  amendments  to  section  172-b  of  the executive law made by
section three of this act shall expire and be deemed repealed  June  30,
2017; provided further that the amendments to section 172-b of the exec-
utive  law made by section three-a of this act shall take effect July 1,
2017 and shall expire and be deemed repealed  June  30,  2021;  provided
further  that  the amendments to section 172-b of the executive law made
by section three-b of this act shall take effect July 1, 2021;  provided
further    that    [section]    SECTIONS   SEVENTY-TWO,   seventy-three,
SEVENTY-FOUR, SEVENTY-FIVE AND ONE HUNDRED THIRTY of this act shall take
effect [January 1] MARCH 31, 2015[; provided further that section seven-
ty-two of this act and paragraph (b) of section 8-1.9  of  the  estates,
powers and trusts law as added by section one hundred thirty of this act
shall  not  be  applicable  until January 1, 2015 for any corporation or
trust that had annual revenues of less than 10,000,000  dollars  in  the
last fiscal year ending prior to January 1, 2014].
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14996-02-4

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