Bill Text: NY A10534 | 2017-2018 | General Assembly | Introduced
Bill Title: Establishes that directors of controlled corporations may serve on the designated audit committee of the board of such controlling corporation.
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: (Passed) 2018-12-28 - signed chap.468 [A10534 Detail]
Download: New_York-2017-A10534-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10534 IN ASSEMBLY May 4, 2018 ___________ Introduced by M. of A. PAULIN, GALEF, ABINANTI, BUCHWALD, RAIA -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the not-for-profit corporation law, in relation to directors of controlled corporations serving on designated audit committees of the controlling corporations The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (d) of section 712-a 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 (d) If a corporation controls a group of corporations, the board or 5 designated audit committee of the board of the controlling corporation 6 may perform the duties required by this section for one or more of the 7 controlled corporations and, if independent directors, directors from 8 one or more of such controlled corporations may serve on any designated 9 audit committee of the board of such controlling corporation, and 10 perform the duties required by this section for each corporation and any 11 controlled corporations. 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15585-01-8