Bill Text: NY S07019 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to the corporate membership of housing development fund companies and corporations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-12-28 - COMMITTED TO RULES [S07019 Detail]

Download: New_York-2019-S07019-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7019

                    IN SENATE

                                       (Prefiled)

                                     January 8, 2020
                                       ___________

        Introduced  by  Sen.  KAPLAN -- 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 the
          corporate membership of housing development fund companies and  corpo-
          rations

          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 601 of the  not-for-profit  corpo-
     2  ration law, as amended by chapter 411 of the laws of 2018, is amended to
     3  read as follows:
     4    (a)  A  corporation  shall have one or more classes of members, or, in
     5  the case of a charitable corporation, may have no members, in which case
     6  any such provision for classes of members or for no members shall be set
     7  forth in the certificate of incorporation or the by-laws.  Corporations,
     8  joint-stock  associations, unincorporated associations and partnerships,
     9  as well as any other person without limitation, may be members, provided
    10  however, that effective July first, two  thousand  nineteen,  no  corpo-
    11  ration except a corporation that has no members, shall have a membership
    12  comprised  of  fewer than three persons. A corporation may have a corpo-
    13  ration, joint-stock association, unincorporated association or  partner-
    14  ship  as  a  sole  member, if such corporation, joint-stock association,
    15  unincorporated association or partnership is owned or controlled  by  no
    16  fewer than three persons. Notwithstanding any other provision of law set
    17  forth  in  this  paragraph, a housing development fund company or corpo-
    18  ration incorporated pursuant to section five  hundred  seventy-three  of
    19  the private housing finance law may have a public corporation, authority
    20  (whether  federal  or state housing authority), municipal corporation or
    21  housing company as its sole member, provided  such  housing  development
    22  fund  company  or  corporation  is  composed  of  the chair and the duly
    23  appointed and elected commissioners or directors of such  public  corpo-
    24  ration, authority, municipal corporation or housing company.
    25    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14202-01-9