A4508-2011 Actions

• Jan 4, 2012: referred to corporations, authorities and commissions
• Feb 3, 2011: referred to corporations, authorities and commissions

A4508-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         4508
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 3, 2011
 
 Introduced  by M. of A. TITONE, JAFFEE, TOBACCO -- Multi-Sponsored by -
 M. of A. BOYLAND, CUSICK, MAISEL, REILLY, WEISENBERG -- 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 the
 sale of real property
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1.   

Section  509  of the not-for-profit corporation law, as
 amended by chapter 145 of the laws  of  1991,  is  amended  to  read  as
 follows:

 

S 509. Purchase, sale, mortgage and lease of real property.
 1.  No purchase of real property shall be made by a corporation and no
 corporation shall sell, mortgage or lease real property, unless  author
 ized  by  the  vote  of two-thirds of the entire board, provided that if
 there are twenty-one or more directors, the vote of a  majority  of  the
 entire board shall be sufficient.
 2.  (A)  A  CORPORATION  WHICH SELLS REAL PROPERTY TO ANY ENTITY OTHER
 THAN THE STATE OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH IS SUBJECT TO
 THE PROVISIONS OF THIS CHAPTER SHALL REIMBURSE THE STATE AND/OR A  MUNI
 CIPALITY  FOR  ANY CAPITAL FUNDING, GRANTS OR FINANCING RECEIVED THROUGH
 THE STATE OR A MUNICIPAL AGENCY OR PUBLIC BENEFIT CORPORATION WITHIN THE
 TEN YEARS PRECEDING SUCH SALE.
 (B) A SALE OF REAL PROPERTY BY A  NOT-FOR-PROFIT  CORPORATION  TO  ANY
 ENTITY  OTHER THAN THE STATE OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH
 IS SUBJECT TO THE PROVISIONS OF THIS CHAPTER SHALL NOT  BE  EXEMPT  FROM
 THE  PAYMENT  OF THE REAL PROPERTY TRANSFER TAX IMPOSED BY SECTION FOUR
 TEEN HUNDRED TWO OF THE TAX LAW.
 (C) ANY CORPORATION WHICH HAS RECEIVED A REAL PROPERTY  TAX  ABATEMENT
 WITHIN THE LAST TEN YEARS FOR REAL PROPERTY TAXES ASSESSED ON SUCH PROP
 ERTY  SHALL  REIMBURSE THE TAXING AUTHORITY THE TOTAL AMOUNT OF ANY SUCH
 ABATEMENT UPON THE SALE OF SUCH REAL PROPERTY TO ANY ENTITY  OTHER  THAN
 THE  STATE OR ANOTHER NOT-FOR-PROFIT CORPORATION WHICH IS SUBJECT TO THE
 PROVISIONS OF THIS CHAPTER.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02723-01-1

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