The New York State Bar Association commends the Senate Committee on Corporations, Authorities and Commissions for reporting S.4611 (Ranzenhofer) out of committee on Wednesday.
The bill, based on the Association's proposal to reform the current Not-For-Profit Corporation Law, is one of the Association's 2012 legislative priorities.
The proposal seeks to improve selected provisions of the law, especially in light of the dramatic changes in corporate governance throughout the sector in response to the Sarbanes-Oxley Act.
The nonprofit sector in New York state is enormous and wide-ranging, consisting of foundations and charities, health care organizations, service agencies, clubs and neighborhood groups, cultural institutions, religious organizations, research and educational centers, chambers of commerce, economic development corporations and more.
The impact of the sector is vital to the people and economy of the state of New York. The bill is intended to adopt policies and practices commonly used throughout the United States, eliminate outdated idiosyncratic provisions of New York's law, and make New York a more attractive environment for groups to form and operate nonprofit entities.
The 77,000-member New York State Bar Association is the largest voluntary bar association in the nation. It was founded in 1876.
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