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Assembly Bill A7442A

2015-2016 Legislative Session

Relates to corporations serving as chair of a board

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2015-A7442 - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §713, N-PC L

2015-A7442 - Summary

Relates to corporations serving as chair of a board; includes exceptions.

2015-A7442 - Bill Text download pdf 

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

                                  7442

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 12, 2015
                               ___________

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
  corporations serving as chair of a 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 A MAJORITY  VOTE
OF  THE WHOLE BOARD AND CONTEMPORANEOUSLY DOCUMENTS IN WRITING THE BASIS
FOR THE BOARD APPROVAL INCLUDING THE BOARD'S CONSIDERATION  OF  ALTERNA-
TIVE  OPTIONS.  THE  CONTEMPORANEOUSLY DOCUMENTED BASIS OF SUCH APPROVAL
SHALL BE PROVIDED TO THE ATTORNEY GENERAL  WITHIN  SIXTY  DAYS  OF  SUCH
APPROVAL IN WRITTEN OR ELECTRONIC FORM.
  S  2.  This  act  shall  take  effect on the same date and in the same
manner as paragraph (f) of section 713 of the not-for-profit corporation
law, takes effect, pursuant to chapter 549  of  the  laws  of  2013,  as
amended.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10810-01-5

co-Sponsors

2015-A7442A (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §713, N-PC L

2015-A7442A (ACTIVE) - Summary

Relates to corporations serving as chair of a board; includes exceptions.

2015-A7442A (ACTIVE) - Bill Text download pdf 

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

                                 7442--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 12, 2015
                               ___________

Introduced  by M. of A. BRENNAN -- read once and referred to the Commit-
  tee  on  Corporations,  Authorities  and  Commissions   --   committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to  amend  the  not-for-profit  corporation law, in relation to
  corporations serving as chair of a 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 A MAJORITY VOTE
OF THE WHOLE BOARD AND CONTEMPORANEOUSLY DOCUMENTS IN WRITING THE  BASIS
FOR  THE  BOARD APPROVAL INCLUDING THE BOARD'S CONSIDERATION OF ALTERNA-
TIVE OPTIONS; PROVIDED, HOWEVER, THAT NO SUCH EMPLOYEE SHALL BE  CONSID-
ERED AN INDEPENDENT DIRECTOR.
  S  2.  This  act  shall  take  effect on the same date and in the same
manner as paragraph (f) of section 713 of the not-for-profit corporation
law, takes effect, pursuant to chapter 549  of  the  laws  of  2013,  as
amended.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10810-02-5

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