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NY A10534

Bill

Official Source

Status

Passed

12/28/2018

Primary Sponsor

Amy Paulin

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Amends Section 712-a of the Not-for-Profit Corporation Law to allow independent directors from controlled corporations to serve on the designated audit committees of controlling corporations.

  • Permits directors from one or more controlled corporations to perform audit committee duties for the controlling corporation and any of its controlled corporations.

  • Applies only when the directors from controlled corporations are independent directors.

  • Takes effect immediately upon enactment.

Legislative Description

Establishes that directors of controlled corporations may serve on the designated audit committee of the board of such controlling corporation.

Last Action

signed chap.468

12/28/2018

Committee Referrals

Rules6/6/2018
Corporations, Authorities and Commissions5/4/2018

Full Bill Text

No bill text available