Bill Text: NY S05370 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to an employee of a not-for-profit corporation serving as chair of the board.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-06-17 - COMMITTED TO RULES [S05370 Detail]
Download: New_York-2015-S05370-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5370--B 2015-2016 Regular Sessions IN SENATE May 14, 2015 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Author- ities and Commissions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Corporations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the not-for-profit corporation law, in relation to an employee of a not-for-profit corporation serving as chair of the board The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (f) of section 713 of the not-for-profit corpo- 2 ration law, as added by chapter 549 of the laws of 2013, is amended to 3 read as follows: 4 (f) No employee of the corporation shall serve as chair of the board 5 or hold any other title with similar responsibilities unless the board 6 approves such employee serving as chair of the board by two-thirds vote 7 of the entire board and contemporaneously documents in writing the basis 8 for the board approval; provided, however, that no such employee shall 9 be considered an independent director. 10 § 2. This act shall take effect on the same date and in the same 11 manner as section 73 of chapter 549 of the laws of 2013, takes effect. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10810-06-6
