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NY A08116
Bill
Status
11/28/2016
Primary Sponsor
Nick Perry
Click for details
AI Summary
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Allows business entities incorrectly incorporated as not-for-profit corporations under NY Not-for-Profit Corporation Law section 402 to convert to for-profit status under Business Corporation Law section 402
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Requires incorporators to submit sworn statements to the attorney general certifying: no legal advice was sought regarding proper incorporation, the entity never received not-for-profit tax exemptions or benefits, and no grants or charitable donations were solicited or received
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Requires written approval or non-objection from the New York attorney general before conversion is permitted
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Takes effect immediately and expires 180 days after enactment, at which point all conversion provisions are repealed
Legislative Description
Allows certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity.
Last Action
signed chap.451
11/28/2016