Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 28, 2016 |
signed chap.451 |
Nov 16, 2016 |
delivered to governor |
Jun 15, 2016 |
returned to assembly passed senate 3rd reading cal.364 substituted for s5996b |
Jun 15, 2016 |
substituted by a8116c |
Jun 09, 2016 |
amended on third reading 5996b |
Mar 16, 2016 |
advanced to third reading |
Mar 15, 2016 |
2nd report cal. |
Mar 14, 2016 |
1st report cal.364 |
Jan 06, 2016 |
referred to corporations, authorities and commissions returned to senate died in assembly |
Jun 25, 2015 |
referred to corporations, authorities and commissions delivered to assembly passed senate ordered to third reading cal.1900 |
Jun 19, 2015 |
print number 5996a |
Jun 19, 2015 |
amend (t) and recommit to rules |
Jun 18, 2015 |
referred to rules |
Senate Bill S5996B
Signed By Governor2015-2016 Legislative Session
Sponsored By
(D) 14th Senate District
Archive: Last Bill Status Via A8116 - Signed by Governor
- 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
Bill Amendments
2015-S5996 - Details
- See Assembly Version of this Bill:
- A8116
- Law Section:
- Corporations
2015-S5996 - Sponsor Memo
BILL NUMBER:S5996 TITLE OF BILL: An act to amend a chapter of the laws of 2015, amending the not-for-profit corporation law relating to allowing certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity, as proposed in legislative bills numbers S.5848 and A.8116, in relation to providing for the repeal of such provisions upon the expiration thereof PURPOSE: To amend chapters of the laws of 2015 to sunset the chapter of 2015 after 180 days. SUMMARY OF PROVISIONS: Section 1 amends paragraph 4 of the not-for-profit corporation law, as amended by chapter of the laws of 2015, amending the not-for-profit law relating to allowing certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity to repeal this act within 180 days of the effective date. JUSTIFICATION:
2015-S5996 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5996 2015-2016 Regular Sessions I N S E N A T E June 18, 2015 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend a chapter of the laws of 2015, amending the not-for-pro- fit corporation law relating to allowing certain entities to convert their status of filing as a not-for-profit organization to a for-pro- fit entity, as proposed in legislative bills numbers S.5848 and A.8116, in relation to providing for the repeal of such provisions upon the expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of a chapter of the laws of 2015, amending the not-for-profit corporation law relating to allowing certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity, as proposed in legislative bills numbers S.5848 and A.8116, is amended to read as follows: S 2. This act shall take effect on the thirtieth day after it shall have become a law, AND SHALL EXPIRE AND BE DEEMED REPEALED 180 DAYS AFTER IT SHALL TAKE EFFECT. S 2. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2015, amending the not-for-profit corporation law relating to allowing certain entities to convert their status of filing as a not-for-profit organization to a for-profit enti- ty, as proposed in legislative bills numbers S.5848 and A.8116, takes effect. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11296-07-5
co-Sponsors
(R, C, IP) Senate District
2015-S5996A - Details
- See Assembly Version of this Bill:
- A8116
- Law Section:
- Corporations
2015-S5996A - Sponsor Memo
BILL NUMBER:S5996A TITLE OF BILL: An act to allow certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity; and providing for the repeal of such provisions upon expiration thereof PURPOSE: To allow certain entities to convert their status as a not-for-profit organization to a for-profit entity SUMMARY OF PROVISIONS: Section 1 amends Section 104 of the not-for-profit corporation law by adding a new paragraph (h) to allow certain entities to convert its filing from a not-for-profit corporation to a for-profit corporation if the incorporator submits a sworn statement and outlines the requirements for the sworn statement. Section 2 sets forth the effective date. JUSTIFICATION: Enterprising business entrepreneurs are often advised to incorporate a business to protect personal assets from loss suffered by the business in the event of lawsuits. Incorporation of a business however, often carries high costs, including legal fees which can be too costly for someone with only a dollar and a dream. To save money, entrepreneurs sometimes choose "do it yourself routes" and make
2015-S5996A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5996--A 2015-2016 Regular Sessions I N S E N A T E June 18, 2015 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to allow certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any provision of law to the contrary, a business incorrectly incorporated, as a not-for-profit corporation under section four hundred two of the not-for-profit corporation law shall be permitted to convert its status of filing as a not-for-profit corpo- ration to a for-profit corporation under section four hundred two of the business corporation law if the incorporator or incorporators submit to the attorney general sworn statements under the penalties of perjury certifying the following: (1) that legal advice had not been sought or received as to the appro- priate course of action that would have resulted in correct registration allowing for the intended for-profit operation of the entity; (2) the entity at no time received the benefits and/or privileges of being recognized as a not-for-profit corporation, such as being exempt from incurring any local, state, or federal taxes; (3) the entity throughout its operation as a not-for-profit corpo- ration did not at any time solicit and/or receive any private and/or public grants or charitable donations; and (4) the office of the attorney general has not raised any objections to the proposed conversion. S 2. This act shall take effect immediately and shall expire and be deemed repealed one hundred eighty days after such date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11296-13-5
co-Sponsors
(R, C, IP) Senate District
2015-S5996B (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8116
- Law Section:
- Corporations
2015-S5996B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5996--B Cal. No. 364 2015-2016 Regular Sessions I N S E N A T E June 18, 2015 ___________ Introduced by Sens. COMRIE, GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- commit- tee discharged, bill amended, ordered reprinted as amended and recom- mitted to said committee -- recommitted to the Committee on Corpo- rations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to allow certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any provision of law to the contrary, a business incorrectly incorporated, as a not-for-profit corporation under section four hundred two of the not-for-profit corporation law shall be permitted to convert its status of filing as a not-for-profit corpo- ration to a for-profit corporation under section four hundred two of the business corporation law if the incorporator or incorporators submit to the attorney general sworn statements under the penalties of perjury certifying the following: (1) that legal advice had not been sought or received as to the appro- priate course of action that would have resulted in correct registration allowing for the intended for-profit operation of the entity; (2) the entity at no time received the benefits and/or privileges of being recognized as a not-for-profit corporation, such as being exempt from incurring any local, state, or federal taxes; (3) the entity throughout its operation as a not-for-profit corpo- ration did not at any time solicit and/or receive any private and/or public grants or charitable donations; and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11296-14-6
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