Senate Bill S8699

Signed By Governor
2017-2018 Legislative Session

Establishes the required number of members in a corporation

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A10336 - 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

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2017-S8699 (ACTIVE) - Details

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

2017-S8699 (ACTIVE) - 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.

2017-S8699 (ACTIVE) - Sponsor Memo

2017-S8699 (ACTIVE) - 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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