|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Aug 11, 2014||signed chap.321|
|Aug 01, 2014||delivered to governor|
|Jun 18, 2014||returned to senate|
ordered to third reading rules cal.424
substituted for a10053
|Jun 17, 2014||referred to corporations, authorities and commissions|
delivered to assembly
ordered to third reading cal.1480
committee discharged and committed to rules
|Jun 05, 2014||referred to corporations, authorities and commissions|
senate Bill S7762Signed By Governor
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S7762 - Details
- See Assembly Version of this Bill:
- Law Section:
- Not-for-Profit Corporation
S7762 - Sponsor Memo
BILL NUMBER:S7762 TITLE OF BILL: An act relating to authorizing certain corporations to elect to be a non-charitable corporation PURPOSE OR GENERAL IDEA OF BILL: To clarify the authority of the corporation formed pursuant to Chapter 880 of the Laws of New York of 1937, TIAA Board of Overseers ("Overseers") and the corporation formed pursuant to Chapter 124 of the Laws of New York of 1952, College Retirement Equities Fund ("CREF" and, together with Overseers, the "affected corporations"). SUMMARY OF SPECIFIC PROVISIONS: This bill provides that on or after July 1, 2014, TIAA Board of Overseers and College Retirement Equities Fund, New York Not-for-Profit corporations, may elect to be non-charitable corporations under the Not-for-Profit Corporation Law by providing written notice of such election to the Attorney General and certifying in such written notice that it is not exempt from federal income tax, and does not solicit or receive charitable contributions, or accept receipt of donations of assets, for charitable purposes. Such notice shall be accompanied by the approval of a justice of the supreme court, and ten days' written notice of the application for such approval shall be given to the Attorney General.
S7762 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7762 I N S E N A T E June 5, 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 relating to authorizing certain corporations to elect to be a non-charitable corporation THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. On or after July 1, 2014, any corporation formed pursuant to chapter 880 of the laws of 1937 or chapter 124 of the laws of 1952 may elect, notwithstanding that it may have both charitable and business purposes and notwithstanding subdivision (c) of section 201 of the not- for-profit corporation law, to be a non-charitable corporation under, and as defined in section 102 of the not-for-profit corporation law, by providing written notice of such election to the attorney general and certifying in such written notice that it is not exempt from federal income tax, but rather is taxable as a corporation pursuant to the United States internal revenue code of 1986, as amended, and does not solicit or receive charitable contributions, or accept receipt of donations of assets, for charitable purposes, as contemplated by article 7-A of the executive law and section 8-1.4 of the estates, powers and trusts law, and regulations adopted thereunder. Every such notice shall have endorsed thereon or annexed thereto the approval of a justice of the supreme court of the judicial district in which the office of such corporation is located. Ten days' written notice of the application for such approval shall be given to the attorney general. Any such corpo- ration will be subject to the provisions of section 513 and section 908 of the not-for-profit corporation law as a non-charitable corporation, provided that no certificate shall be filed pursuant to section 908 of the not-for-profit corporation law unless (a) the supreme court has granted an order approving the plan of merger or consolidation and authorizing the filing of the certificate as provided in section 907-a of the not-for-profit corporation law as if such section applied to mergers and consolidations effected pursuant to section 908 of the not- for-profit corporation law, or (b) the attorney general has approved the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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