Bill Text: NY A10304 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to requiring a two-thirds vote of the board in certain circumstances.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Engrossed - Dead) 2018-06-19 - REFERRED TO RULES [A10304 Detail]
Download: New_York-2017-A10304-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 10304--B IN ASSEMBLY April 10, 2018 ___________ Introduced by M. of A. PAULIN, GALEF, RAIA, ABINANTI, BUCHWALD -- read once and referred to the Committee on Corporations, Authorities and Commissions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported and referred to the Committee on Codes -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the not-for-profit corporation law, in relation to voting requirements of the board of certain corporations The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The opening paragraph of paragraph (a) of section 902 of 2 the not-for-profit corporation law is amended to read as follows: 3 The board of each corporation proposing to participate in a merger or 4 consolidation under section 901 (Power of merger or consolidation) shall 5 adopt, by a vote of two-thirds of the directors present at the time of 6 the vote, if a quorum is present at that time, or by a vote of the 7 number of directors required under the certificate of incorporation, 8 by-laws, this chapter and any other applicable law, a plan of merger or 9 consolidation, setting forth: 10 § 2. Subparagraph 1 of paragraph (a) of section 1002 of the not-for- 11 profit corporation law, as amended by chapter 549 of the laws of 2013, 12 is amended to read as follows: 13 (1) In the case of a vote by the board of directors: (i) the number of 14 directors required under the certificate of incorporation, by-laws, this 15 chapter and any other applicable law; [or] 16 (ii) two-thirds of the directors present at the time of the vote, if a 17 quorum is present at that time; or 18 (iii) if the number of directors actually holding office as such at 19 the time of the vote to adopt the plan is less than the number required 20 to constitute a quorum of directors under the certificate of incorpo- 21 ration, the by-laws, this chapter or any other applicable law, the 22 remaining directors unanimously; 23 § 3. This act shall take effect on the ninetieth day after it shall 24 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15253-05-8