Bill Text: NY S05720 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to the correction of tax errors made by the nonprofit revitalization act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-12-28 - COMMITTED TO RULES [S05720 Detail]

Download: New_York-2019-S05720-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5720

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 13, 2019
                                       ___________

        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and Commissions

        AN  ACT  to  amend  the not-for-profit corporation law and the religious
          corporations law, in relation to the correction of tax errors made  by
          the nonprofit revitalization act

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Clause (D) of subparagraph 2 of paragraph  (d)  of  section
     2  906 of the not-for-profit corporation law, as amended by chapter 1058 of
     3  the laws of 1971, is amended to read as follows:
     4    (D)  An  agreement  that  the surviving or consolidated foreign corpo-
     5  ration may be served with process in this state in any action or special
     6  proceeding for the enforcement of any liability  or  obligation  of  any
     7  domestic  corporation or of any foreign corporation, previously amenable
     8  to suit in this state, which is a constituent corporation in such merger
     9  or consolidation, and an agreement that the  surviving  or  consolidated
    10  foreign corporation may be sued in this state in respect of any property
    11  transferred  or  conveyed  to  it  as provided in paragraph [(c)] (b) of
    12  section 907 (Approval by the supreme court), or the  use  made  of  such
    13  property, or any transaction in connection therewith.
    14    § 2. Subdivision 1 of section 12 of the religious corporations law, as
    15  amended  by  chapter  555  of  the  laws  of 2015, is amended to read as
    16  follows:
    17    1. A religious corporation shall not sell, mortgage  or  lease  for  a
    18  term  exceeding five years any of its real property without applying for
    19  and obtaining leave of the court or the attorney general therefor pursu-
    20  ant to section five hundred eleven of the not-for-profit corporation law
    21  as that section is modified by paragraph (d-1)  of  subdivision  one  of
    22  section  two-b  of this chapter [or section five hundred eleven-a of the
    23  not-for-profit corporation law], except that a religious corporation may

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11699-02-9
        S. 5720                             2

     1  execute a purchase money mortgage or a purchase money security agreement
     2  creating a security interest in personal property purchased by it  with-
     3  out obtaining leave of the court therefor.
     4    § 3. This act shall take effect immediately.