STATE OF NEW YORK
________________________________________________________________________
8638
IN SENATE
May 10, 2018
___________
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Corporations, Authorities
and Commissions
AN ACT to amend the not-for-profit corporation law, in relation to
directors of controlled corporations serving on designated audit
committees of the controlling corporations
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (d) of section 712-a 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 (d) If a corporation controls a group of corporations, the board or
5 designated audit committee of the board of the controlling corporation
6 may perform the duties required by this section for one or more of the
7 controlled corporations and, if independent directors, directors from
8 one or more of such controlled corporations may serve on any designated
9 audit committee of the board of such controlling corporation, and
10 perform the duties required by this section for each corporation and any
11 controlled corporations.
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15585-01-8
