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Senate Bill S7019

2019-2020 Legislative Session

Relates to the corporate membership of housing development fund companies and corporations

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2019-S7019 (ACTIVE) - Details

See Assembly Version of this Bill:
A9711
Current Committee:
Senate Rules
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §601, N-PC L
Versions Introduced in 2021-2022 Legislative Session:
S711, A3739

2019-S7019 (ACTIVE) - Summary

Relates to the corporate membership of housing development fund companies and corporations.

2019-S7019 (ACTIVE) - Sponsor Memo

2019-S7019 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7019
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2020
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- 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 the
   corporate membership of housing development fund companies and  corpo-
   rations

   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 411 of the laws of 2018, 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. NOTWITHSTANDING ANY OTHER PROVISION OF LAW SET
 FORTH  IN  THIS  PARAGRAPH, A HOUSING DEVELOPMENT FUND COMPANY OR CORPO-
 RATION INCORPORATED PURSUANT TO SECTION FIVE  HUNDRED  SEVENTY-THREE  OF
 THE PRIVATE HOUSING FINANCE LAW MAY HAVE A PUBLIC CORPORATION, AUTHORITY
 (WHETHER  FEDERAL  OR STATE HOUSING AUTHORITY), MUNICIPAL CORPORATION OR
 HOUSING COMPANY AS ITS SOLE MEMBER, PROVIDED  SUCH  HOUSING  DEVELOPMENT
 FUND  COMPANY  OR  CORPORATION  IS  COMPOSED  OF  THE CHAIR AND THE DULY
 APPOINTED AND ELECTED COMMISSIONERS OR DIRECTORS OF SUCH  PUBLIC  CORPO-
 RATION, AUTHORITY, MUNICIPAL CORPORATION OR HOUSING COMPANY.
   § 2. This act shall take effect immediately.

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