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NY S05996
Bill
Status
6/25/2015
Primary Sponsor
Leroy Comrie
Click for details
AI Summary
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Allows incorrectly incorporated not-for-profit corporations to convert to for-profit status under the Business Corporation Law if incorporators submit sworn statements to the attorney general.
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Requires certification that legal advice was not sought or received regarding proper incorporation as a for-profit entity.
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Requires certification that the entity never received tax exemption benefits or privileges associated with not-for-profit status and did not solicit or receive grants or charitable donations.
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Requires written approval or non-objection from the Office of the Attorney General before conversion is permitted.
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Expires and is repealed 180 days after taking effect; takes effect immediately upon enactment.
Legislative Description
Allows certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity.
Last Action
SUBSTITUTED BY A8116C
6/15/2016