STATE OF NEW YORK
________________________________________________________________________
10205
IN ASSEMBLY
May 16, 2016
___________
Introduced by M. of A. BRENNAN -- read once and referred to the Commit-
tee on Corporations, Authorities and Commissions
AN ACT to amend the not-for-profit corporation law, in relation to an
employee of a not-for-profit corporation serving as chair of the board
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (f) of section 713 of the not-for-profit corpo-
2 ration law, as added by chapter 549 of the laws of 2013, is amended to
3 read as follows:
4 (f) No employee of the corporation shall serve as chair of the board
5 or hold any other title with similar responsibilities unless the board
6 approves such employee serving as chair of the board by two-thirds vote
7 of the entire board and contemporaneously documents in writing the basis
8 for the board approval; provided, however, that no such employee shall
9 be considered an independent director.
10 § 2. This act shall take effect on the same date and in the same
11 manner as section 73 of chapter 549 of the laws of 2013, takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15477-01-6
