Proposed New York Laws Would Reform Governance Rules for Nonprofits
New York Attorney General Eric Schneiderman is urging the state
legislature to enact two bills that would reform the statutory
requirements for governance of nonprofit organizations – both
not-for-profit corporations and wholly charitable trusts. If the
bills become law, they also would expand the Attorney General's
enforcement powers and modernize and clarify some of the more
mechanical and procedural New York rules applicable to
not-for-profit corporations.
The two bills – known as the Nonprofit Revitalization Act and
the Executive Compensation Reform Act – follow several rounds
of review and comment from the nonprofit community and would
represent the largest overhaul of New York nonprofit law since
1970.
To view this article in full please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
