|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 20, 2018||returned to assembly|
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|
senate Bill S8699
Current Bill Status Via A10336 - Passed Senate & Assembly
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8699 - Details
- See Assembly Version of this Bill:
- 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
BILL NUMBER: S8699 TITLE OF BILL : 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 PURPOSE : To prevent a sole individual from being the only member of a charitable nonprofit corporation. SUMMARY OF PROVISIONS : Section one of the bill amends paragraph a of section 601 of the not-for-profit corporation law to provide that as of July 1, 2019, no corporation except a corporation that has no members, shall have a membership comprised of fewer than three persons. A corporation may have a corporation, joint-stock association, unincorporated association or partnership as a sole member, if such corporation, joint-stock association, unincorporated association or partnership is owned or controlled by no fewer than three persons Section two provides the effective date.
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. S 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
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.