NY S06088

Amends the definition of "benefit corporation" in the General Construction Law and Business Corporation Law to clarify that benefit corporations include those formed as benefit corporations or that have elected to become one, and remain so until they cease to be a benefit corporation.

Modifies the "minimum status vote" requirement for benefit corporation actions to require the higher of either the vote required by the certificate of incorporation or two-thirds of outstanding shares, with class voting rights preserved if shares are entitled to vote as a group.

Changes the formation process for benefit corporations to require incorporation under Article Four of the Business Corporation Law in accordance with Article Seventeen provisions, with the certificate of incorporation stating the corporation's benefit status.

Simplifies language governing amendments to become or cease being a benefit corporation, mergers or consolidations involving benefit corporations, and asset dispositions by removing restrictive conditional language while maintaining minimum status vote requirements.

Takes effect on the same date as chapter 599 of the laws of 2011, which originally established benefit corporation provisions in New York.