Senate Bill S8216

2017-2018 Legislative Session

Relates to the regulation of key persons

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • 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-S8216 (ACTIVE) - Details

See Assembly Version of this Bill:
A10654
Current Committee:
Senate Rules
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §§715-b, 716, 717, 718 & 720-a, N-PC L
Versions Introduced in 2019-2020 Legislative Session:
S2267, A433

2017-S8216 (ACTIVE) - Summary

Provides for the regulation of key persons in addition to directors and officers of certain corporations.

2017-S8216 (ACTIVE) - Sponsor Memo

2017-S8216 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8216
 
                             I N  S E N A T E
 
                              April 18, 2018
                                ___________
 
 Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
   when printed to be committed to the Committee on Corporations, Author-
   ities and Commissions
 
 AN ACT to amend the not-for-profit corporation law, in relation  to  the
   regulation of key persons
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph (a)  and  subparagraph  4  of  paragraph  (b)  of
 section 715-b of the not-for-profit corporation law, as amended by chap-
 ter 466 of the laws of 2016, are amended to read as follows:
   (a)  Except as provided in paragraph (c) of this section, the board of
 every corporation that has twenty or more employees  and  in  the  prior
 fiscal  year  had  annual revenue in excess of one million dollars shall
 adopt, and oversee the implementation of, and compliance with, a  whist-
 leblower policy to protect from retaliation persons who report suspected
 improper  conduct.  Such policy shall provide that no director, officer,
 KEY PERSON, employee or volunteer of a corporation  who  in  good  faith
 reports  any  action  or  suspected action taken by or within the corpo-
 ration that is illegal, fraudulent or in violation of any adopted policy
 of the corporation shall suffer intimidation, harassment, discrimination
 or other retaliation or, in the case of  employees,  adverse  employment
 consequence.
   (4)  A  requirement  that  a  copy of the policy be distributed to all
 directors, officers,  KEY  PERSONS,  employees  and  to  volunteers  who
 provide  substantial  services  to the corporation. For purposes of this
 subdivision, posting the policy on the corporation's website or  at  the
 corporation's  offices in a conspicuous location accessible to employees
 and volunteers are among the methods a corporation may  use  to  satisfy
 the distribution requirement.
   §  2. Section 716 of the not-for-profit corporation law, as amended by
 chapter 549 of the laws of 2013, is amended to read as follows:
 § 716. Loans to directors [and], officers AND KEY PERSONS.
   No loans, other than through the purchase  of  bonds,  debentures,  or
 similar obligations of the type customarily sold in public offerings, or
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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