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Assembly Bill A10205

2015-2016 Legislative Session

Relates to an employee of a not-for-profit corporation serving as chair of the board

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Archive: Last Bill Status - In Assembly Committee

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2015-A10205 (ACTIVE) - Details

See Senate Version of this Bill:
S5370
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd ยง713, N-PC L

2015-A10205 (ACTIVE) - Summary

Relates to an employee of a not-for-profit corporation serving as chair of the board.

2015-A10205 (ACTIVE) - Bill Text download pdf 

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

                                  10205

                          I N  A S S E M B L Y

                              May 16, 2016
                               ___________

Introduced  by M. of A. BRENNAN -- read once and referred to the Commit-
  tee on Corporations, Authorities and Commissions

AN ACT to amend the not-for-profit corporation law, in  relation  to  an
  employee of a not-for-profit corporation serving as chair of the board

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

  Section 1. Paragraph (f) of section 713 of the  not-for-profit  corpo-
ration  law,  as added by chapter 549 of the laws of 2013, is amended to
read as follows:
  (f) No employee of the corporation shall serve as chair of  the  board
or  hold  any other title with similar responsibilities UNLESS THE BOARD
APPROVES SUCH EMPLOYEE SERVING AS CHAIR OF THE BOARD BY TWO-THIRDS  VOTE
OF THE ENTIRE BOARD AND CONTEMPORANEOUSLY DOCUMENTS IN WRITING THE BASIS
FOR  THE  BOARD APPROVAL; PROVIDED, HOWEVER, THAT NO SUCH EMPLOYEE SHALL
BE CONSIDERED AN INDEPENDENT DIRECTOR.
  S 2. This act shall take effect on the  same  date  and  in  the  same
manner as section 73 of chapter 549 of the laws of 2013, takes effect.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15477-01-6

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