senate Bill S8699

2017-2018 Legislative Session

Establishes the required number of members in a corporation

download bill text pdf

Sponsored By

Current Bill Status Via - Delivered to Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 11, 2018 delivered to governor
Jun 20, 2018 returned to assembly
passed senate
3rd reading cal.2065
substituted for s8699
Jun 20, 2018 substituted by a10336a
ordered to third reading cal.2065
committee discharged and committed to rules
May 10, 2018 referred to corporations, authorities and commissions

S8699 - Details

See Assembly Version of this Bill:
A10336
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §601, N-PC L

S8699 - Summary

Establishes that no corporation shall have a membership comprised of fewer than three persons, except for a corporation that has no members; may have a corporation, joint-stock association, unincorporated association or partnership as a sole member, if it is owned or controlled by no fewer than three persons.

S8699 - Sponsor Memo

S8699 - Bill Text download pdf


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

                                  8699

                            I N  S E N A T E

                              May 10, 2018
                               ___________

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

AN  ACT  to  amend  the  not-for-profit  corporation law, in relation to
  requiring that no corporation have a membership of  fewer  than  three
  persons

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

  Section 1. Paragraph (a) of section 601 of the  not-for-profit  corpo-
ration law, as amended by chapter 549 of the laws of 2013, is amended to
read as follows:
  (a)  A  corporation  shall have one or more classes of members, or, in
the case of a charitable corporation, may have no members, in which case
any such provision for classes of members or for no members shall be set
forth in the certificate of incorporation or the by-laws.  Corporations,
joint-stock  associations, unincorporated associations and partnerships,
as well as any other person without limitation, may be members, PROVIDED
HOWEVER, THAT EFFECTIVE JULY FIRST, TWO  THOUSAND  NINETEEN,  NO  CORPO-
RATION EXCEPT A CORPORATION THAT HAS NO MEMBERS, SHALL HAVE A MEMBERSHIP
COMPRISED  OF FEWER THAN THREE PERSONS.  A CORPORATION MAY HAVE A CORPO-
RATION, JOINT-STOCK ASSOCIATION, UNINCORPORATED ASSOCIATION OR  PARTNER-
SHIP  AS  A  SOLE  MEMBER, IF SUCH CORPORATION, JOINT-STOCK ASSOCIATION,
UNINCORPORATED ASSOCIATION OR PARTNERSHIP IS OWNED OR CONTROLLED  BY  NO
FEWER THAN THREE PERSONS.
  § 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15274-03-8

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