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NY S08699

Bill

Official Source

Status

Introduced

5/10/2018

Primary Sponsor

Patrick Gallivan

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends the not-for-profit corporation law to require that corporations have a membership of at least three persons, effective July 1, 2019
  • Exempts charitable corporations that have no members from the three-person minimum requirement
  • Allows a corporation to have a single corporate entity (corporation, joint-stock association, unincorporated association, or partnership) as a sole member if that entity is owned or controlled by at least three persons
  • 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

SUBSTITUTED BY A10336A

6/20/2018

Committee Referrals

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

Full Bill Text

No bill text available