senate Bill S7019

2019-2020 Legislative Session

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

download bill text pdf

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Current Bill Status - On Floor Calendar


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 23, 2020 advanced to third reading
Jan 22, 2020 2nd report cal.
Jan 21, 2020 1st report cal.212
Jan 08, 2020 referred to corporations, authorities and commissions

Votes

view votes

Jan 21, 2020 - Corporations, Authorities and Commissions committee Vote

S7019
4
0
committee
4
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Jan 21, 2020

aye wr (3)

S7019 (ACTIVE) - Details

See Assembly Version of this Bill:
A9711
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §601, N-PC L

S7019 (ACTIVE) - Summary

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

S7019 (ACTIVE) - Sponsor Memo

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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