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NY S07762
Bill
Status
Passed
8/11/2014
Primary Sponsor
Michael Ranzenhofer
Click for details
AI Summary
- Corporations formed under Chapter 880 of the Laws of 1937 or Chapter 124 of the Laws of 1952 may elect to become non-charitable corporations effective July 1, 2014, despite having both charitable and business purposes
- Corporations must provide written notice to the Attorney General certifying they are taxable under federal income tax law and do not solicit, receive, or accept charitable contributions or donations
- Election requires approval from a Supreme Court justice in the judicial district where the corporation's office is located, with ten days' notice to the Attorney General
- Non-charitable corporations remain subject to sections 513 and 908 of the Not-for-Profit Corporation Law, plus articles 1, 5, 6, 7, 8, 9, and 10 of that law
- The act takes effect immediately upon enactment
Legislative Description
Authorizes certain corporations with both charitable and business purposes to elect to be a non-charitable corporation.
Last Action
SIGNED CHAP.321
8/11/2014
Committee Referrals
Rules6/17/2014
Corporations, Authorities and Commissions6/5/2014
Full Bill Text
No bill text available