NY S07838

Repeals paragraph (f) of section 713 of the not-for-profit corporation law.

Modifies the definition of "independent director" to exclude compensation that includes membership dues or premium payments from the ten thousand dollar direct compensation threshold over the last three fiscal years.

Revises the definition of "related party transaction" to apply only to transactions that would ordinarily come before the board of directors during normal business operations.

Takes effect immediately, except section 2 takes effect on the same date as section 29 of chapter 549 of the laws of 2013.