|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 09, 2021||referred to corporations, authorities and commissions|
senate Bill S5513
Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5513 (ACTIVE) - Details
S5513 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5513 SPONSOR: COMRIE TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to the indemnification of directors, officers and key persons; and to repeal sections 721, 722 and 723 of the not-for-profit corporation law relating thereto SUMMARY OF MAJOR PROVISIONS: The proposed consolidated indemnification provisions would make many changes in law. Section 1 of the bill would repeal section 721 for the reasons stated in section I.A. of this Memorandum in Support. Section 2 of the bill would renumber section 722 as section 721 and consolidate the substantive indemnification provisions in one subdivi- sion (A).
S5513 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5513 2021-2022 Regular Sessions I N S E N A T E March 9, 2021 ___________ Introduced by Sen. COMRIE -- 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 indemnification of directors, officers and key persons; and to repeal sections 721, 722 and 723 of the not-for-profit corporation law relat- ing thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Sections 721, 722 and 723 of the not-for-profit corporation law are REPEALED. § 2. The not-for-profit corporation law is amended by adding a new section 721 to read as follows: § 721. AUTHORIZATION FOR INDEMNIFICATION OF DIRECTORS, OFFICERS OR KEY PERSONS; INSURANCE. (A) A CORPORATION MAY INDEMNIFY ANY DIRECTOR, OFFICER OR KEY PERSON AGAINST EXPENSES, INCLUDING JUDGMENTS, FINES, EXCISE TAXES, AMOUNTS PAID IN SETTLEMENT, ATTORNEYS' FEES, COURT COSTS AND DISBURSEMENTS ACTUALLY AND NECESSARILY INCURRED AS A RESULT OF ACTION OR PROCEEDING, OR ANY APPEAL THEREOF, ARISING OUT OF SERVICE AS A DIRECTOR, OFFICER OR KEY PERSON (1) WHO WAS OR IS A PARTY OR IS THREATENED TO BE MADE A PARTY TO ANY THREATENED, PENDING OR CONTEMPLATED ACTION OR PROCEEDING, OR ANY APPEAL THEREOF, WHETHER CIVIL, CRIMINAL, ADMINISTRATIVE OR INVESTIGATIVE (INCLUDING AN ACTION BY OR IN THE RIGHT OF THE CORPORATION AND/OR BY ITS MEMBERS, IF ANY, OR IN THE RIGHT OF ANY OTHER CORPORATION OF ANY KIND, DOMESTIC OR FOREIGN AND/OR BY ITS MEMBERS, IF ANY), OR BY ANY PARTNER- SHIP, JOINT VENTURE, TRUST, EMPLOYEE BENEFIT PLAN OR OTHER ENTERPRISE; AND (2) WHO HAS MET THE STANDARDS OF CONDUCT SET FORTH IN SECTION 717 (DUTY OF DIRECTORS AND OFFICERS AND KEY PERSONS) AND ELSEWHERE IN THIS ARTICLE AND WHO IS ENTITLED TO THE PROTECTION OF SECTION 720-A OF THIS ARTICLE (LIABILITY OF DIRECTORS, OFFICERS, KEY PERSONS AND TRUSTEES) TO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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