Public Hearing -- "Benefit Corporations: Expanding the Corporate Purpose"
PUBLIC HEARING NOTICE
NEW YORK STATE SENATE
Bill Perkins, Chair
New York State Senate Standing Committee on
Corporations, Authorities & Commissions
“Benefit Corporations: Expanding the Corporate Purpose”
SUBJECT & PURPOSE: To examine S. 7855 (Squadron) and review the proposal to establish a new class of corporate structure, which will be known as benefit corporations. Such legislation has been passed in the states of Maryland and Vermont. The states of Colorado, North Carolina, Oregon, Pennsylvania and Washington are also considering similar legislation. Accordingly, the Committee will assess the various effects from enacting such legislation in the state of New York.
The Senate Corporations, Authorities and Commissions Committee will receive testimony on the following:
• Reasons for establishing a benefit corporation structure
• Impact the new corporate structure could have on New York businesses
• Impact the new corporate structure could have on New York residents
• Legal implications of corporate benevolence without such legislation
• Variations between the current corporate structure and the newly proposed structure
Persons wishing to present testimony at the hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of postponement or cancellation of the hearing.