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NY S08638

Bill

Official Source

Status

Introduced

5/10/2018

Primary Sponsor

Patrick Gallivan

Click for details

Origin

Senate

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 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 to independent directors from controlled corporations seeking to serve on controlling corporation audit committees
  • 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

SUBSTITUTED BY A10534

6/20/2018

Committee Referrals

Rules6/20/2018
Corporations, Authorities and Commissions5/10/2018

Full Bill Text

No bill text available