|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 05, 2022||referred to corporations, authorities and commissions|
|Jan 06, 2021||referred to corporations, authorities and commissions|
senate Bill S711
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
S711 (ACTIVE) - Details
S711 (ACTIVE) - Sponsor Memo
BILL NUMBER: S711 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to the corporate membership of housing development fund companies and corpo- rations PURPOSE OR GENERAL IDEA OF BILL: Seeks to correct unintended change that prevents a housing development fund corporation from being the only member of a charitable nonprofit corporation. SUMMARY OF PROVISIONS: Section 1 amends Paragraph (a) of section 601 of the not-for-profit law, as amended by chapter 411 of the laws of 2018 to clarify that a housing development fund company or corporation incorporated pursuant to section 573 of the private housing finance law may have a public corporation,
S711 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 711 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ 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.
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