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NY A10053
Bill
Status
Introduced
6/10/2014
Primary Sponsor
James Brennan
Click for details
AI Summary
- Allows corporations formed under chapter 880 of the laws of 1937 or chapter 124 of the laws of 1952 to elect non-charitable status effective July 1, 2014
- Requires corporations to provide written notice to the attorney general certifying they are taxable under the Internal Revenue Code of 1986 and do not solicit or receive charitable contributions
- Mandates Supreme Court justice approval in the judicial district where the corporation's office is located, with ten days' notice to the attorney general
- Subjects electing corporations to sections 513 and 908 of the not-for-profit corporation law regarding mergers and consolidations, requiring either Supreme Court or attorney general approval
- Corporations remain subject to all other provisions of articles 1, 5, 6, 7, 8, 9 and 10 of the not-for-profit corporation law that would apply to charitable corporations
Legislative Description
Authorizes certain corporations with both charitable and business purposes to elect to be a non-charitable corporation.
Last Action
substituted by s7762
6/18/2014
Committee Referrals
Rules6/16/2014
Corporations, Authorities and Commissions6/10/2014
Full Bill Text
No bill text available