Bill Text: NY S05806 | 2023-2024 | General Assembly | Introduced
Bill Title: Authorizes non-membership not-for-profit corporations to classify boards through the by-laws and not solely through the certificate of incorporation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-06-08 - SUBSTITUTED BY A6940 [S05806 Detail]
Download: New_York-2023-S05806-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5806 2023-2024 Regular Sessions IN SENATE March 16, 2023 ___________ 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, in relation to authorizing non-membership not-for-profit corporations to classify board of directors in the by-laws The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (a) of section 704 of the not-for-profit corpo- 2 ration law, as amended by chapter 847 of the laws of 1970, is amended to 3 read as follows: 4 (a) The certificate of incorporation or a by-law [adopted by the5members] may provide that directors elected or appointed at large shall 6 be divided into either two, three, four or five classes for the purpose 7 of staggering their terms of office and that all or some of the direc- 8 tors elected or appointed otherwise than at large shall be divided into 9 the same or a different number of classes, not exceeding five, for the 10 same purpose. All classes of each type shall be as nearly equal in 11 number as possible and, if provision has been made for cumulative voting 12 under section 617 (Cumulative voting), no class shall include less than 13 three directors. 14 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10109-01-3
