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A08116 Summary:

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A08116 Committee Votes:

A08116 Floor Votes:

A08116 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8116--C
                                                                Cal. No. 486
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 9, 2015
                                       ___________
 
        Introduced  by M. of A. PERRY -- read once and referred to the Committee
          on Corporations, Authorities and Commissions -- committee  discharged,
          bill  amended,  ordered  reprinted  as amended and recommitted to said
          committee -- reported and  referred  to  the  Committee  on  Codes  --
          reported  from  committee,  advanced  to  a third reading, amended and
          ordered reprinted, retaining its place on the order of third reading
 
        AN ACT to allow certain entities to convert their status of filing as  a
          not-for-profit  organization to a for-profit entity; and providing for
          the repeal of such provisions upon expiration thereof
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Notwithstanding  any  provision of law to the contrary, a
     2  business incorrectly incorporated, as a not-for-profit corporation under
     3  section four hundred two of the not-for-profit corporation law shall  be
     4  permitted  to  convert  its  status of filing as a not-for-profit corpo-
     5  ration to a for-profit corporation under section four hundred two of the
     6  business corporation law if the incorporator or incorporators submit  to
     7  the  attorney  general  sworn  statements under the penalties of perjury
     8  certifying the following:
     9    (1) that legal advice had not been sought or received as to the appro-
    10  priate course of action that would have resulted in correct registration
    11  allowing for the intended for-profit operation of the entity;
    12    (2) the entity at no time received the benefits and/or  privileges  of
    13  being  recognized  as a not-for-profit corporation, such as being exempt
    14  from incurring any local, state, or federal taxes;
    15    (3) the entity throughout its operation  as  a  not-for-profit  corpo-
    16  ration  did  not  at  any time solicit and/or receive any private and/or
    17  public grants or charitable donations; and
    18    (4) the office of the attorney  general  has  provided  written  indi-
    19  cations  that  either  it  does  not  object  to, or it approves of, the
    20  proposed conversion.
    21    § 2. This act shall take effect immediately and shall  expire  and  be
    22  deemed repealed one hundred eighty days after such date.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11296-15-6