Bill S7341-2013

Relates to the effectiveness of certain provisions of law related to reform of charitable organizations

Relates to the effectiveness of certain provisions of law related to reform of charitable organizations.

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  • May 13, 2014: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Memo

BILL NUMBER:S7341

TITLE OF BILL: An act to amend chapter 549 of the laws of 2013 amending the executive law and other laws relating to reform of charitable organizations, in relation to the effectiveness of certain provisions of such chapter

PURPOSE OR GENERAL IDEA OF BILL: To extend certain sections of chapter 549 of the laws of 2013 to March 31, 2015.

SUMMARY OF SPECIFIC PROVISIONS: Section one - of the bill amends section 132 of chapter 549 of the laws of 2013 to extend the effective date of sections 72, 73, 74, 75 and 130 of said chapter from January 1, 2015 to March 31, 2015.

Section two - provides that the Act will take effect immediately.

JUSTIFICATION: It has come to the attention of the state legislature that a number of NYS nonprofits, especially the smaller ones, need additional time to complete their analysis of the Non-profit Revitalization Act of 2013 (Chapter 549) and make the necessary changes to their bylaws and other legal documents to conform with the provisions of chapter 549. Nonprofits have also asked for additional time to implement the provisions relating to directors; such as independent directors and related party transactions. Questions have also been raised whether the Act should apply to trusts.

This bill would allow additional time for all nonprofits in this state to comply with chapter 549, and for the legislature to study the law's application to trusts.

PRIOR LEGISLATIVE HISTORY: New bill

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7341 IN SENATE May 13, 2014 ___________
Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Author- ities and Commissions AN ACT to amend chapter 549 of the laws of 2013 amending the executive law and other laws relating to reform of charitable organizations, in relation to the effectiveness of certain provisions of such chapter THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 132 of chapter 549 of the laws of 2013 amending the executive law and other laws relating to reform of charitable organiza- tions is amended to read as follows: S 132. This act shall take effect July 1, 2014, provided, however, that the amendments to section 172-b of the executive law made by section three of this act shall expire and be deemed repealed June 30, 2017; provided further that the amendments to section 172-b of the exec- utive law made by section three-a of this act shall take effect July 1, 2017 and shall expire and be deemed repealed June 30, 2021; provided further that the amendments to section 172-b of the executive law made by section three-b of this act shall take effect July 1, 2021; provided further that [section] SECTIONS SEVENTY-TWO, seventy-three, SEVENTY-FOUR, SEVENTY-FIVE AND ONE HUNDRED THIRTY of this act shall take effect [January 1] MARCH 31, 2015[; provided further that section seven- ty-two of this act and paragraph (b) of section 8-1.9 of the estates, powers and trusts law as added by section one hundred thirty of this act shall not be applicable until January 1, 2015 for any corporation or trust that had annual revenues of less than 10,000,000 dollars in the last fiscal year ending prior to January 1, 2014]. S 2. This act shall take effect immediately.

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