Assembly Bill A8907

2011-2012 Legislative Session

Relates to the incorporation of benefit corporations and standards of conduct of directors and officers of benefit corporations

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2011-A8907 (ACTIVE) - Details

See Senate Version of this Bill:
S6088
Current Committee:
Senate Judiciary
Law Section:
General Construction Law
Laws Affected:
Amd §66, Gen Con L; amd §§1702 - 1705, BC L

2011-A8907 (ACTIVE) - Summary

Relates to the incorporation of benefit corporations and standards of conduct of directors and officers of benefit corporations.

2011-A8907 (ACTIVE) - Bill Text download pdf

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

    S. 6088                                                  A. 8907

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 4, 2012
                               ___________

IN  SENATE  --  Introduced  by  Sens. SQUADRON, LARKIN -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Judiciary

IN  ASSEMBLY  -- Introduced by M. of A. SILVER -- read once and referred
  to the Committee on Corporations, Authorities and Commissions

AN ACT to amend the general construction law  and  the  business  corpo-
  ration law, in relation to benefit corporations

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

  Section 1. Subdivision 4-a of section 66 of the  general  construction
law,  as added by chapter 599 of the laws of 2011, is amended to read as
follows:
  4-a. A "benefit corporation" means a business corporation incorporated
under article [seventeen] FOUR of  the  business  corporation  law  [and
whose  status  as  a  benefit  corporation  has  not  been terminated as
provided in article seventeen of the business corporation law] THAT  WAS
FORMED  AS  A  BENEFIT  CORPORATION  OR  HAS ELECTED TO BECOME A BENEFIT
CORPORATION AS PROVIDED IN ARTICLE SEVENTEEN OF THE BUSINESS CORPORATION
LAW UNTIL SUCH TIME AS IT HAS CEASED TO  BE  A  BENEFIT  CORPORATION  AS
PROVIDED IN ARTICLE SEVENTEEN OF THE BUSINESS CORPORATION LAW.
  S  2.  Paragraphs  (a)  and (d) of section 1702 of the business corpo-
ration law, as added by chapter 599 of the laws of 2011, are amended  to
read as follows:
  (a)  "Benefit  corporation"  means a business corporation incorporated
under [this article and whose status as a benefit  corporation  has  not
been  terminated as provided in this article] ARTICLE FOUR OF THIS CHAP-
TER THAT WAS FORMED AS A BENEFIT CORPORATION OR HAS ELECTED TO BECOME  A
BENEFIT  CORPORATION  AS  PROVIDED IN THIS ARTICLE UNTIL SUCH TIME AS IT
HAS CEASED TO BE A BENEFIT CORPORATION AS PROVIDED IN THIS ARTICLE.
  (d) "Minimum status  vote"  means  that,  in  addition  to  any  other
approval  or  vote required by this chapter, the certificate of incorpo-
ration or a bylaw adopted by the shareholders, THE HIGHER OF:
  (1) [The holders of shares of every class or series that are  entitled
to  vote on the corporate action shall be entitled to vote as a class on
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.