Bill Text: NY S00519 | 2009-2010 | General Assembly | Introduced

New York Senate Bill 519 (Prior Session Legislation)

Introduced

Bill Title: Relates to sales of real property by not-for-profit corporations; requires repayment of certain funds, grants and tax abatements where real property is sold to a for-profit corporation or other private entity.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S00519 Detail]

Download: New_York-2009-S00519-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          519
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced  by  Sen.  LANZA  -- 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 the
         sale of real property
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.    Section  509  of the not-for-profit corporation law, as
    2  amended by chapter 145 of the laws  of  1991,  is  amended  to  read  as
    3  follows:
    4  S 509. Purchase, sale, mortgage and lease of real property.
    5    1.  No purchase of real property shall be made by a corporation and no
    6  corporation shall sell, mortgage or lease real property, unless  author-
    7  ized  by  the  vote  of two-thirds of the entire board, provided that if
    8  there are twenty-one or more directors, the vote of a  majority  of  the
    9  entire board shall be sufficient.
   10    2.  (A)  A  CORPORATION  WHICH SELLS REAL PROPERTY TO ANY ENTITY OTHER
   11  THAN THE STATE OF NEW YORK OR ANOTHER NOT-FOR-PROFIT  CORPORATION  WHICH
   12  IS  GOVERNED  BY THIS CHAPTER SHALL REIMBURSE THE STATE AND/OR A MUNICI-
   13  PALITY FOR ANY CAPITAL FUNDING, GRANTS OR FINANCING RECEIVED  THROUGH  A
   14  STATE  OR  MUNICIPAL AGENCY OR PUBLIC BENEFIT CORPORATION WITHIN THE TEN
   15  YEARS PRECEDING SUCH SALE.
   16    (B) A SALE OF REAL PROPERTY BY A  NOT-FOR-PROFIT  CORPORATION  TO  ANY
   17  ENTITY OTHER THAN THE STATE OF NEW YORK OR ANOTHER NOT-FOR-PROFIT CORPO-
   18  RATION  WHICH  IS  GOVERNED BY THIS CHAPTER SHALL NOT BE EXEMPT FROM THE
   19  PAYMENT OF REAL PROPERTY TRANSFER TAX  IMPOSED  UNDER  SECTION  FOURTEEN
   20  HUNDRED TWO OF THE TAX LAW.
   21    (C)  ANY  CORPORATION WHICH HAS RECEIVED A REAL PROPERTY TAX ABATEMENT
   22  WITHIN THE LAST TEN YEARS FOR REAL PROPERTY TAXES ASSESSED ON SUCH PROP-
   23  ERTY SHALL REIMBURSE THE TAXING AUTHORITY THE TOTAL AMOUNT OF  ANY  SUCH
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01680-01-9
       S. 519                              2
    1  ABATEMENT  UPON  THE SALE OF SUCH REAL PROPERTY TO ANY ENTITY OTHER THAN
    2  THE STATE OF NEW YORK OR ANOTHER  NOT-FOR-PROFIT  CORPORATION  WHICH  IS
    3  GOVERNED BY THIS CHAPTER.
    4    S 2. This act shall take effect immediately.