STATE OF NEW YORK
________________________________________________________________________
5370--B
2015-2016 Regular Sessions
IN SENATE
May 14, 2015
___________
Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and
when printed to be committed to the Committee on Corporations, Author-
ities and Commissions -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- recommitted
to the Committee on Corporations, Authorities and Commissions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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.
LBD10810-06-6
