Assembly Bill A10733

2011-2012 Legislative Session

Relates to compensation of executives of certain not-for-profit corporations

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A10733 (ACTIVE) - Details

See Senate Version of this Bill:
S6930
Current Committee:
Assembly Governmental Operations
Law Section:
Executive Law
Laws Affected:
Amd §63, Exec L; amd §§202, 717, 719 & 720, add §§727 & 728, N-PC L
Versions Introduced in Other Legislative Sessions:
2013-2014: A2120, S4783
2015-2016: S5309

2011-A10733 (ACTIVE) - Summary

Relates to compensation of executives of certain not-for-profit corporations.

2011-A10733 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10733

                          I N  A S S E M B L Y

                              June 18, 2012
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Paulin) --
  read once and referred to the Committee on Governmental Operations

AN ACT to amend the executive law  and  the  not-for-profit  corporation
  law, in relation to compensation of executives of certain not-for-pro-
  fit corporations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 63 of the executive law is amended by adding a  new
subdivision 14 to read as follows:
  14.  PROSECUTE  ALL  ACTIONS  IN CONNECTION WITH SECTION SEVEN HUNDRED
TWENTY-SEVEN AND SEVEN HUNDRED TWENTY-EIGHT OF THE NOT-FOR-PROFIT CORPO-
RATION LAW.
  S 2. Subparagraph 12 of paragraph (a) of section 202 of  the  not-for-
profit corporation law is amended to read as follows:
  (12)  To  elect or appoint officers, employees and other agents of the
corporation, define their duties, fix their reasonable compensation  and
the  reasonable  compensation  of  directors, and to indemnify corporate
personnel.  Such  compensation  shall  be  commensurate  with   services
performed, AND SUBJECT, WHERE APPLICABLE, TO SECTION SEVEN HUNDRED TWEN-
TY-SEVEN OF THIS CHAPTER.
  S  3.  Paragraph  (a) of section 717 of the not-for-profit corporation
law, as amended by chapter 490 of the laws of 2010, is amended  to  read
as follows:
  (a) Directors and officers shall discharge the duties of their respec-
tive  positions  in  good  faith and with the care an ordinarily prudent
person in a like position would exercise  under  similar  circumstances.
The  factors  set  forth in subparagraph one of paragraph (e) of section
552 (Standard of conduct in  managing  and  investing  an  institutional
fund),  if  relevant, must be considered by a governing board delegating
investment management of institutional funds  pursuant  to  section  514
(Delegation  of investment management).  For purposes of this paragraph,
the term institutional fund is defined  in  section  551  (Definitions).
FURTHERMORE, ANY COMPENSATION PROVIDED TO DIRECTORS, OFFICERS, EMPLOYEES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15308-02-2
              

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