Bill Text: NY S07040 | 2009-2010 | General Assembly | Introduced

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Bill Title: Provides that not-for-profit corporations shall not be eligible for funding from the state when the officers, directors, or administrators receive a greater salary than the governor receives.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-03-09 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S07040 Detail]

Download: New_York-2009-S07040-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7040
                                   I N  S E N A T E
                                     March 9, 2010
                                      ___________
       Introduced  by  Sen. PADAVAN -- 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
         compensation of not-for-profit  corporation  directors,  officers,  or
         administrators
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The not-for-profit corporation law is amended by  adding  a
    2  new section 727 to read as follows:
    3  S 727. COMPENSATION OF DIRECTORS, OFFICERS, OR ADMINISTRATORS.
    4    A NOT-FOR-PROFIT CORPORATION SHALL NOT RECEIVE FUNDING FROM ANY SOURCE
    5  FROM NEW YORK STATE WHEN ANY DIRECTOR, OFFICER, OR ADMINISTRATOR OF SUCH
    6  NOT-FOR-PROFIT  CORPORATION  RECEIVES A GREATER SALARY THAN THE GOVERNOR
    7  RECEIVES.
    8    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15749-01-0