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NY A04733
Bill
Status
2/7/2011
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Amends the Not-for-Profit Corporation Law to require certificates of incorporation include a certification that initial directors have adopted and will abide by a conflict of interest policy in corporate bylaws
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Conflict of interest policy must prohibit directors and executive officers from participating in business decisions between the corporation and other not-for-profits where they or their family members serve as directors or officers
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Requires directors and executive officers to certify they have no affiliations with other not-for-profits that may do business with the corporation, or to promptly disclose any such affiliations
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Mandates that corporate bylaws require executive officers to complete a minimum three-hour course on fiduciary responsibilities within six months of incorporation and every two years thereafter, conducted by an attorney or certified public accountant
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Requires corporations to maintain records of all fiduciary training courses attended, including dates, locations, attendees, presenters, and officer signatures; effective January 1, 2012
Legislative Description
Requires certificates of incorporation of not-for-profit corporations to include certifications that the initial directors of the corporation shall commit to the inclusion in the corporation bylaws of a conflict of interest policy and a requirement that the directors and officers of the corporation comply with education requirements regarding their fiduciary obligations to the corporation.
Last Action
referred to corporations, authorities and commissions
2/7/2011