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NY S05370

Bill

Official Source

Status

Introduced

5/14/2015

Primary Sponsor

Michael Ranzenhofer

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends the not-for-profit corporation law to permit an employee of a not-for-profit corporation to serve as chair of the board or in a similar position if approved by a two-thirds vote of the entire board
  • Requires the board to contemporaneously document in writing the basis for approving an employee as chair
  • Specifies that an employee serving as chair shall not be considered an independent director
  • Takes effect on the same date and in the same manner as section 73 of chapter 549 of the laws of 2013

Legislative Description

Relates to an employee of a not-for-profit corporation serving as chair of the board.

Last Action

COMMITTED TO RULES

6/17/2016

Committee Referrals

Rules6/17/2016
Corporations, Authorities and Commissions5/14/2015

Full Bill Text

No bill text available