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NY A10336
Bill
Status
12/21/2018
Primary Sponsor
Amy Paulin
Click for details
AI Summary
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Requires that effective July 1, 2019, all not-for-profit corporations must have a membership of at least three persons, except charitable corporations with no members.
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Allows a corporation to have a single corporate member (corporation, joint-stock association, unincorporated association, or partnership) if that entity is owned or controlled by no fewer than three persons.
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Amends Section 601(a) of the Not-for-Profit Corporation Law to establish these membership composition requirements.
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Takes effect immediately upon enactment.
Legislative Description
Establishes that no corporation shall have a membership comprised of fewer than three persons, except for a corporation that has no members; may have a corporation, joint-stock association, unincorporated association or partnership as a sole member, if it is owned or controlled by no fewer than three persons.
Last Action
signed chap.411
12/21/2018