NEW YORK STATE CONSOLIDATED LAWS
http://public.leginfo.state.ny.us/menugetf.cgi?COMMONQUERY=LAWS


GMU  General Municipal

Article 15 - (500 - 525) URBAN RENEWAL
Article 15-A - (550 - 563) MUNICIPAL URBAN RENEWAL AGENCIES, ORGANIZATION AND POWERS
Article 15-B - MUNICIPAL URBAN RENEWAL AGENCIES, CREATED
    Title 8* - (577*2) ISLAND PARK URBAN RENEWAL AGENCY
    Title 11-A - (580-A) GLEN COVE COMMUNITY DEVELOPMENT AGENCY
    Title 52 - (621) LONG BEACH URBAN RENEWAL AGENCY
    Title 64 - (633) TOWN OF ISLIP COMMUNITY DEVELOPMENT AGENCY
    Title 67 - (636) VILLAGE OF GREENPORT URBAN RENEWAL AGENCY
    Title 86 - (654) HUNTINGTON COMMUNITY DEVELOPMENT AGENCY
    Title 86* - (654*2) TOWN OF NORTH HEMPSTEAD COMMUNITY DEVELOPMENT AGENCY
    Title 96 - (664) VILLAGE OF LYNBROOK URBAN RENEWAL AGENCY
    Title 101 - (669) VILLAGE OF ROCKVILLE CENTRE COMMUNITY DEVELOPMENT AGENCY
    Title 116 - (680-C) TOWN OF RIVERHEAD COMMUNITY DEVELOPMENT AGENCY
    Title 119 - (680-F) VILLAGE OF WESTBURY COMMUNITY DEVELOPMENT AGENCY

Article 18 - CONFLICTS OF INTEREST OF MUNICIPAL OFFICERS AND EMPLOYEES
800 - Definitions.
801 - Conflicts of interest prohibited.
802 - Exceptions.
803 - Disclosure of interest.
804 - Contracts void.
804-A - Certain interests prohibited.
805 - Violations.
805-A - Certain action prohibited.
805-B - Solemnization of marriages.
806 - Code of ethics.
807 - Posting of statute.
808 - Boards of ethics.
809 - Disclosure in certain applications.
810 - Additional definitions.
811 - Promulgation of form of annual statement of financial disclosure; authority  
        of governing body with respect to persons subject thereto.
812 - Financial disclosure for local elected officials and certain officers and
        employees of counties, cities, towns and villages.
813 - Temporary state commission on local government ethics; functions,
        powers and duties; review of financial disclosure statements; advisory
        opinions; inv
Expiration Date: 12/31/1992

Article 18-A - INDUSTRIAL DEVELOPMENT
    Title 1 - (850 - 888) AGENCIES, ORGANIZATION AND POWERS
850 - Short title.
852 - Policy and purposes of article.
854 - Definitions.
856 - Organization of industrial development agencies.
858 - Purposes and powers of the agency.
858-A - Compensation, procurement and investment.
858-B - Equal employment opportunities.
859 - Financial records.
859-A - Additional prerequisites to the provisions of financial assistance.
859-B - Special procedure for the provision of financial assistance to continuing care retirement communities.
860 - Moneys of the agency.
861 - Notification of budget.
862 - Restrictions on funds of the agency.
Expiration Date: 02/01/2008
862-A - Additional restrictions on funds of the agency in connection with continuing care retirement communities.
864 - Bonds of the agency.
866 - Notes of the agency.
868 - Agreements of the municipality and state.
870 - State and municipality not liable on bonds or notes.
872 - Bonds and notes as legal investment.
874 - Tax exemptions.
876 - Tax contract by the state.
878 - Remedies of bondholders and noteholders.
880 - Actions against the agency.
882 - Termination of the agency.
883 - Conflicts of interest.
884 - Public bidding.
886 - Title not affected if in part unconstitutional or ineffective.
888 - Inconsistent provisions in other acts superseded.
    Title 2 - (890 - 928) MUNICIPAL INDUSTRIAL DEVELOPMENT AGENCIES
890-G - Village of Greenport industrial development agency.
892 - Town of Brookhaven industrial development agency.
898-B - Town of Islip industrial development agency.
905 - Town of Hempstead industrial development agency.
911-A - Suffolk county industrial development agency.
919 - Glen Cove industrial development agency.
922*2 - Nassau county industrial development agency.
922-C - Town of East Hampton industrial development agency.
924-A - Town of North Hempstead industrial development agency.
925-D - Town of Oyster Bay industrial development agency.
925-P - Town of Riverhead industrial development agency.
925-U - Town of Southampton industrial development agency.


COM  Economic Development Law
Article 1 - (1 - 2) SHORT TITLE; DEFINITIONS
Article 2 - (10) DEPARTMENT OF ECONOMIC DEVELOPMENT
Article 3 - (50) ORGANIZATION OF DEPARTMENT; OFFICERS AND EMPLOYEES
Article 4 - (100 - 106) GENERAL POWERS OF DEPARTMENT
Article 4-A - (115 - 120) DIVISION OF MINORITY AND WOMEN'S BUSINESS DEVELOPMENT
Article 4-B - (130 - 138) DIVISION FOR SMALL-BUSINESS
Article 4-C - (140 - 145) PROCUREMENT OPPORTUNITIES NEWSLETTER
Article 5 - (150 - 154) NEW YORK STATE MARKETING ACT
Article 5-A - (160 - 168) NEW YORK STATE TOURIST PROMOTION ACT
Article 5-B - (170 - 172) NEW YORK STATE TOURISM ADVISORY COUNCIL
Article 5-C - (173 - 177) ERIE/BARGE CANAL DEVELOPMENT PROGRAM
Article 5-D - (178 - 181-B) AGRICULTURE ECONOMIC DEVELOPMENT PROGRAM
Article 5-E - (181-C - 181-E) EMPIRE STATE GOLF TRAILS PROGRAM
Article 5-E* - (181-C*2 - 181-E*2) EMPIRE STATE BREWERY TRAILS PROGRAM
Article 6 - (182 - 189) NEW YORK STATE ECONOMIC DEVELOPMENT POWER ALLOCATION BOARD
Article 7 - (190 - 196) INDUSTRIAL EFFECTIVENESS PROGRAM
Article 8 - (200 - 202) ECONOMIC DEVELOPMENT SKILLS TRAINING PROGRAM
Article 9 - (210 - 213) ENTREPRENEURIAL ASSISTANCE
Article 9-A - (215) COME HOME TO NEW YORK PROGRAM
Article 10 - (220 - 225) INTERNATIONAL TRADE
Article 11 - (230 - 232) REGIONAL ECONOMIC DEVELOPMENT
Article 12 - (240 - 241) ECONOMIC INFORMATION AND RESEARCH
Article 13 - (250) INDUSTRIAL INFRASTRUCTURE DEVELOPMENT PROGRAM
Article 14 - (260 - 264) OFFICE OF WASTE PREVENTION SERVICES
Article 16 - (340 - 348) OLYMPIC GAMES FACILITATION ACT

NPC  Not-For-Profit Corporation
Article 1 - (101 - 115) SHORT TITLE; DEFINITIONS; APPLICATION; CERTIFICATES; MISCELLANEOUS
Article 2 - (201 - 205) CORPORATE PURPOSES AND POWERS
Article 3 - (301 - 308) CORPORATE NAME AND SERVICE OF PROCESS
Article 4 - (401 - 406) FORMATION OF CORPORATIONS
Article 5 - (501 - 522) CORPORATE FINANCE
Article 6 - (601 - 623) MEMBERS
Article 7 - (701 - 726) DIRECTORS AND OFFICERS
Article 8 - (801 - 805) AMENDMENTS AND CHANGES
Article 9 - (901 - 910) MERGER OR CONSOLIDATION
Article 10 - (1001 - 1014) NON-JUDICIAL DISSOLUTION
Article 11 - (1101 - 1115) JUDICIAL DISSOLUTION
Article 12 - (1201 - 1218) RECEIVERSHIP
Article 13 - (1301 - 1321) FOREIGN CORPORATIONS
Article 14 - (1401 - 1412) SPECIAL NOT-FOR-PROFIT CORPORATIONS
1401 - Private and family cemetery corporations.
1402 - Fire corporations.
1403 - Corporations for the prevention of cruelty.
1404 - Christian associations.
1405 - Soldiers' monument corporations.
1406 - Medical societies.
1407 - Alumni corporations.
1408 - Historical societies.
1409 - Agricultural and horticultural corporations.
1410 - Boards of trade and chambers of commerce.
1411 - Local development corporations.
  § 1411. Local development corporations.
    (a)  Purposes.
    This  section  shall  provide  an  additional  and alternate method of
  incorporation or reincorporation of not-for-profit corporations for  any
  of  the  purposes set forth in this paragraph and shall not be deemed to
  alter, impair or diminish the purposes, rights, powers or privileges  of
  any  corporation heretofore or hereafter incorporated under this section
  or under the stock or business corporation laws.   Corporations  may  be
  incorporated  or  reincorporated  under  this  section as not-for-profit
  local development corporations operated for the  exclusively  charitable
  or public purposes of relieving and reducing unemployment, promoting and
  providing   for   additional   and  maximum  employment,  bettering  and
  maintaining job opportunities, instructing or  training  individuals  to
  improve  or  develop  their  capabilities  for  such  jobs,  carrying on
  scientific  research  for  the  purpose  of  aiding   a   community   or
  geographical area by attracting new industry to the community or area or
  by  encouraging  the development of, or retention of, an industry in the
  community or area, and lessening the burdens of government and acting in
  the public interest, and any one or  more  counties,  cities,  towns  or
  villages  of  the state, or any combination thereof, or the New York job
  development  authority  in  exercising  its  power  under   the   public
  authorities  law  to  encourage  the  organization  of local development
  corporations, may cause such corporations to be incorporated  by  public
  officers  or  private individuals or reincorporated upon compliance with
  the requirements of this section, and it is hereby found, determined and
  declared that in carrying out said purposes and in exercising the powers
  conferred by paragraph (b)  such  corporations  will  be  performing  an
  essential governmental function.
    (b)  Type of corporation.  A local development corporation is a Type C
  corporation under this chapter.
    (c)  Powers.
    In  furtherance of its purposes set forth in paragraph (a) but not for
  any other purposes, a  local  development  corporation  incorporated  or
  reincorporated  under  this section shall have the following powers:  to
  construct,  acquire,  rehabilitate  and  improve  for  use   by   others
  industrial  or  manufacturing  plants  in  the  territory  in  which its
  operations are principally to be conducted,  to  assist  financially  in
  such  construction,  acquisition,  rehabilitation  and  improvement,  to
  maintain such plants  for  others  in  such  territory,  to  disseminate
  information  and  furnish  advice, technical assistance and liaison with
  federal, state and local authorities with respect thereto, to acquire by
  purchase, lease, gift, bequest, devise or  otherwise  real  or  personal
  property  or  interests therein, to borrow money and to issue negotiable
  bonds, notes and other obligations therefor, and notwithstanding section
  510 (Disposition of all or substantially all assets)  without  leave  of
  the  court, to sell, lease, mortgage or otherwise dispose of or encumber
  any such plants or any of its real or personal property or any  interest
  therein  upon  such  terms  as  it may determine and, in connection with
  loans from the  New  York  job  development  authority,  to  enter  into
  covenants  and  agreements  and to comply with all the terms, conditions
  and provisions  thereof,  and  otherwise  to  carry  out  its  corporate
  purposes  and  to  foster  and  encourage  the  location or expansion of
  industrial or  manufacturing  plants  in  the  territory  in  which  the
  operations   of  such  corporation  are  principally  to  be  conducted,
  provided, however, that no such corporation shall attempt  to  influence
  legislation  by  propaganda  or  otherwise, or participate or intervene,
  directly or indirectly, in any political campaign on  behalf  of  or  in
  opposition to any candidate for public office.
 
    (d)   Purchase or lease of real property owned by a county, city, town or village.     (1)  The local legislative body of a county, city, town or village or, if  there  is a board of estimate in a city, then the board of estimate,   may by resolution determine that specifically  described real  property   owned  by  the  county, city, town or village is not required for use by   such county, city, town or village and authorize the county, city,  town   or  village  to  sell or lease such real property to a local development   corporation incorporated or reincorporated under this article; provided,   however, that title to such land be not declared inalienable as a forest   preserve or a parkland.     (2)  Notwithstanding the provisions of any general, special  or  local   law,  charter  or  ordinance  to the contrary, such sale or lease may be   made  without  appraisal,  public  notice,  (except   as   provided   in   subparagraph  (4))  or  public bidding for such price or rental and upon   such terms as may be agreed upon  between  the  county,  city,  town  or   village  and said local development corporation; provided, however, that   in case of a lease  the  term  may  not  exceed  ninety-nine  years  and   provided,  further, that in cities having a population of one million or   more, no such sale or lease shall be made  without  the  approval  of  a   majority  of the members of the borough improvement board of the borough   in which such real property is located.     (3)   Before any sale or lease  to  a  local  development  corporation   incorporated or reincorporated under this article shall be authorized, a   public  hearing  shall  be held by the local legislative body, or by the   board of estimate, as the case may be, to consider the proposed sale  or   lease.     (4)    Notice  of  such  hearing  shall be published at least ten days   before the date set for the hearing in  such  publication  and  in  such   manner  as may be designated by the local legislative body, or the board   of estimate as the case may be.     (5)  A local development corporation, incorporated  or  reincorporated   under  this  section,  which  purchases  or  leases real property from a   county, city, town or village, shall not, without the  written  approval   of  the  county,  city,  town or village, use such real property for any   purpose  except  the  purposes  set  forth   in   the   certificate   of   incorporation  or reincorporation of said local development corporation.   In the event such real property is used in violation of the restrictions   of this paragraph, the attorney-general may bring an action  or  special   proceeding to enjoin the unauthorized use.     (e)  Certificate of incorporation.     In  addition  to  the  requirements  of  section  402  (Certificate of   incorporation;   contents)   the   certificate   of   incorporation   or   reincorporation  of  a  local  development  corporation  incorporated or   reincorporated under this article shall state (1) that  all  income  and   earnings of such corporation shall be used exclusively for its corporate   purposes  or  accrue  and  be  paid  to  the  New  York  job development   authority,  (2)  that  no  part  of  the  income  or  earnings  of  such   corporation  shall  inure  to  the  benefit  or profit of, nor shall any   distribution of its property or assets be made to any member or  private   person,  corporate  or individual, or any other private interest, except   that the certificate of incorporation or reincorporation  may  authorize   the  repayment  of  loans  and  may  also  authorize  the  repayment  of   contributions (other than dues) to the local development corporation but   only if and to  the  extent  that  any  such  contribution  may  not  be   allowable  as a deduction in computing taxable income under the internal   revenue  code  of  nineteen  hundred  fifty-four,  (3)  that   if   such   corporation  accepts  a  mortgage  loan  or  loans from the New York job
  development authority, such corporation shall be dissolved in accordance   with the provisions  of  paragraph  (g)  upon  the  repayment  or  other   discharge in full by such corporation of all such loans.     (f)  Exemption of income from taxation.     The   income   and   operations   of   corporations   incorporated  or   reincorporated under this section shall be exempt from taxation.     (g)  Dissolution.     Upon the dissolution of any local development corporation incorporated   or reincorporated under  this  section  no  member  or  private  person,   corporate or individual, or other private interest, shall be entitled to   any  distribution  or division of its remaining funds and other property   and rights and interests in property, and the balance thereof, after the   payment of all debts and liabilities of the  corporation  of  whatsoever   kind  and  nature, (including the payment of loans and contributions the   repayment  of  which  has  been  authorized  in   its   certificate   of   incorporation  or  reincorporation)  shall be distributed to one or more   counties, cities, towns or villages within the territory  designated  in   its  certificate of incorporation or reincorporation as the territory in   which its operations are principally to be conducted, for furtherance of   the purposes set forth  in  paragraph  (a),  or  to  the  New  York  job   development  authority,  as  shall be provided by said corporation or by   order of the supreme court of the state of New York pursuant to  section   1008  (Jurisdiction  of  supreme  court  to  supervise  dissolution  and   liquidation).     (h) Corporations heretofore incorporated.     Any  corporation  heretofore   incorporated   under   the   membership   corporations  law  or  this  chapter,  or  under  the  stock or business   corporation law for any of the purposes set forth in  paragraph  (a)  of   this   section  may  amend  its  certificate  of  incorporation  and  be   reincorporated as a local development corporation organized  under  this   section  by  making and filing in the office of the secretary of state a   certificate, stating the name of such corporation, and, if it  has  been   changed,  the  name under which it was originally incorporated, the date   of its incorporation, the names and post-office addresses of its members   or of the holders of record of all of the  outstanding  shares  of  such   corporation  entitled  to vote with relation to the proceedings provided   for in the certificate and that such corporation has elected  to  become   and  be a local development corporation organized and operated under and   by virtue  of  this  section.  Such  certificate  shall  be  either  (1)   subscribed in person or by proxy by all of the members or the holders of   record  of all of the outstanding shares of such corporation entitled to   vote with relation  to  such  proceedings  and  shall  have  annexed  an   affidavit  of  the  secretary or an assistant secretary that the persons   who have executed the certificate, in person or by proxy, constitute all   of the members or the holders of record of all of the outstanding shares   of the corporation entitled to vote with  relation  to  the  proceedings   provided for in the certificate, or (2) subscribed by the president or a   vice  president  and  the  secretary or an assistant secretary and shall   have annexed an affidavit of such officers stating that they  have  been   authorized  to  execute  and file such certificate by the votes, cast in   person or by proxy, of all of the members or of the holders of record of   all of the outstanding shares of such corporation entitled to vote  with   relation  to  such  proceedings  at the meeting at which such votes were   cast, and that  such  votes  were  cast  at  a  meeting  of  members  or   stockholders  held  on a date specified, upon notice pursuant to section   605 (Notice of meeting of members) or to section  605  of  the  Business   Corporation Law. Every certificate filed under this paragraph shall have   endorsed  thereon  or  annexed  thereto the approval of a justice of the
  supreme court of the judicial  district  in  which  the  office  of  the   corporation  is  to  be  located.  A  reincorporation  pursuant  to this   paragraph shall not effect a dissolution of the corporation,  but  shall   be  deemed  a continuation of its corporate existence, without affecting   its then existing property rights or liabilities, or the liabilities  of   its  members or officers as such, but thereafter it shall have only such   rights, powers and privileges, and be subject only to such other  duties   and  liabilities,  as  a corporation created for the same purposes under   this article.     (i)  Effect of section.     Corporations incorporated or reincorporated under this  section  shall   be  organized  and  operated  exclusively  for the purposes set forth in   paragraph (a), shall have, in addition to the powers otherwise conferred   by law, the powers conferred by paragraph (c) and shall  be  subject  to   all  the  restrictions  and  limitations  imposed  by  paragraph (e) and   paragraph (g).   In so  far  as  the  provisions  of  this  section  are   inconsistent  with  the provisions of any other law, general or special,   the provisions of this section shall be controlling as  to  corporations   incorporated or reincorporated hereunder.

1412 - University faculty practice corporations.
Article 15 - (1501 - 1517) PUBLIC CEMETERY CORPORATIONS

PBA  Public Authorities
Article 1 - (1 - 2) SHORT TITLE
Article 1-A - (50 - 51) NEW YORK STATE PUBLIC AUTHORITIES CONTROL BOARD
Article 2 - PARK, PARKWAY AND HIGHWAY AUTHORITIES
    Title 3 - (150 - 165) JONES BEACH STATE PARKWAY AUTHORITY
    Title 4 - (200 - 214) BETHPAGE PARK AUTHORITY
Article 3 - BRIDGE AND TUNNEL AUTHORITIES
    Title 7 - (651 - 668) NASSAU COUNTY BRIDGE AUTHORITY
Article 4 - MARKET AUTHORITIES
    Title 5 - (900 - 919) LONG ISLAND MARKET AUTHORITY
Article 5 - PUBLIC UTILITY AUTHORITIES
    Title 1-A - (1020 - 1020-II) LONG ISLAND POWER AUTHORITY
    Title 4 - (1074 - 1092) SUFFOLK COUNTY WATER AUTHORITY
    Title 7-A - (1174-A - 1174-S) WATER AUTHORITY OF SOUTHEASTERN NASSAU COUNTY
    Title 8-B - (1197-A - 1197-T) WATER AUTHORITY OF GREAT NECK NORTH
    Title 8-C - (1198-A - 1198-T) WATER AUTHORITY OF WESTERN NASSAU COUNTY
    Title 10-D - (1232 - 1232-U) NASSAU COUNTY SEWER AND STORM WATER FINANCE AUTHORITY
Article 8 - MISCELLANEOUS AUTHORITIES
    Title 8-A - (1840 - 1840-Y) LONG ISLAND JOB DEVELOPMENT AUTHORITY
    Title 13-C - (2046-A - 2046-U) TOWN OF ISLIP RESOURCE RECOVERY AGENCY
    Title 13-F - (2049-A - 2049-X) TOWN OF NORTH HEMPSTEAD SOLID WASTE MANAGEMENT AUTHORITY
    Title 13-J - (2051-A*2 - 2051-Y) TOWN OF BROOKHAVEN RESOURCE RECOVERY AGENCY
    Title 16 - (2350-A - 2350-FF) SUFFOLK COUNTY JUDICIAL FACILITIES AGENCY
    Title 17 - STATE OF NEW YORK MORTGAGE AGENCY ACT
       Part 1 - (2400 - 2423)
       Part 2 - (2425 - 2429-F)
    Title 18 - (2430 - 2454) STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY ACT
Article 9 - GENERAL PROVISIONS
    Title 1 - (2800 - 2806) REPORTS BY PUBLIC AUTHORITIES
    Title 2 - (2824 - 2828) BOARDS OF PUBLIC AUTHORITIES
    Title 3 - (2850 - 2851) EMPLOYEES OF PUBLIC AUTHORITIES
    Title 3-A - (2855) BUSINESS PRACTICES OF PUBLIC AUTHORITIES
    Title 4 - (2875 - 2880-A) CONTRACTS OF PUBLIC AUTHORITIES
    Title 5 - (2890) FUNDS AND ACCOUNTS OF PUBLIC AUTHORITIES
    Title 5-A - (2895 - 2897) DISPOSITION OF PROPERTY BY PUBLIC AUTHORITIES
    Title 6 - (2900) EMINENT DOMAIN TAKING; PROPERTY OF PUBLIC BENEFIT CORPORATION
    Title 7 - (2925 - 2926) INVESTMENTS OF PUBLIC AUTHORITIES
    Title 8 - (2930 - 2932) INTERNAL CONTROL RESPONSIBILITIES OF PUBLIC AUTHORITIES
    Title 9 - (2960) INTEREST RATES ON PUBLIC AUTHORITY BONDS AND NOTES
    Title 10 - (2975 - 2977) STATE GOVERNMENTAL COST RECOVERY SYSTEM
Article 10-C - NEW YORK HEALTH CARE CORPORATIONS
    Title 2 - (3400 - 3420) NASSAU HEALTH CARE CORPORATION Article 10-D - MISCELLANEOUS AUTHORITIES
    Title 1 - (3650 - 3672) NASSAU COUNTY INTERIM FINANCE AUTHORITY


Not-For-Profit Corporation
ARTICLE 5
CORPORATE FINANCE
http://assembly.state.ny.us/leg/?cl=76&a=6
 Section  
     501. Stock   and   shares   prohibited;   membership  certificates authorized.
    502. Members` capital contributions.
    503. Capital certificates.
    504. Subventions.
    505. Subvention certificates.
    506. Bonds and security interests.
    507. Fees, dues and assessments; fines and penalties.
    508. Income from corporate activities.
    509. Purchase, sale, mortgage and lease of real property.
    510. Disposition of all or substantially all assets.
    511. Petition for leave of court.
    512. Investment authority.
    513. Administration of assets received for specific purposes.
    514. Delegation of investment management.
    515. Dividends  prohibited;  certain  distributions of cash or property authorized.
    516. Distributions to members upon termination of membership.
    517. Liabilities of members.
    519. Annual report of directors.
    520. Reports of corporation.
    521. Liability for failure to disclose required information.
    522. Release of restrictions on use or investment.
 
S 501.  Stock and shares prohibited; membership certificates authorized.
 <back to top>
 A  corporation shall not have stock or shares or certificates for stock or
for shares, but may issue non-transferable membership certificates or cards
to  evidence  membership,  whether  or  not  connected  with  any financial
contribution to the corporation, as provided in section 601 (Members).  The
fact  that  the  corporation  is a not-for-profit corporation, and that the
membership  certificate  or  card  is  non-transferable  shall   be   noted
conspicuously on the face or back of each such certificate or card.
 
S 502.  Members` capital contributions.
 <back to top>
 (a)   The  certificate  of incorporation may provide that members, upon or
subsequent to admission, shall make capital  contributions  in  the  amount
specified  therein.  The requirement of a capital contribution may apply to
all members, or to the  members  of  a  single  class,  or  to  members  of
different classes in different amounts or proportions.
 
 (b)   A  member`s  capital  contribution  shall  consist of money or other
property, tangible or intangible, or labor or services actually received by
or  performed for the corporation or for its benefit or in its formation or
reorganization, or a combination thereof.  In the absence of fraud  in  the
transaction, the judgment of the board as to the value of the consideration
received by the corporation shall be conclusive.
 
 (c)   Neither  obligations  of  the  member for future payments nor future
services shall constitute payment or part payment  of  a  member`s  capital
contribution.
 
 (d)   A  member`s  capital  contribution  shall  be evidenced by a capital
certificate which shall be non-transferable, except that the certificate of
incorporation  of  a  Type  A  corporation  may  provide  that  its capital
certificates, or some of them, may be transferable to  other  members  with
the consent of the corporation upon specified terms and conditions.
 
 (e)   A  member`s  capital contribution shall not be repaid or redeemed by
the  corporation  except  upon  dissolution  of  the  corporation  or  upon
redemption  of  the  capital  certificate  as  provided in this chapter.  A
corporation may provide  in  its  certificate  of  incorporation  that  its
capital  certificates, or some of them, shall be redeemable, in whole or in
part, at the option of the corporation only, at such price or  prices  (not
to  exceed  the  amount of the capital contribution), within such period or
periods, and on such terms  and  conditions,  not  inconsistent  with  this
chapter, as are stated in the certificate of incorporation.

S 503.  Capital certificates.
 <back to top>
 (a)   Each  capital  certificate  shall  be  signed  by  the  chairman  or
vice-chairman of the board or the president or  a  vice-president  and  the
secretary  or  an  assistant  secretary  or  the  treasurer or an assistant
treasurer of the corporation, and may  be  sealed  with  the  seal  of  the
corporation  or a facsimile thereof.  The signatures of the officers upon a
certificate may be facsimiles if the  certificate  is  countersigned  by  a
transfer  agent  or  registered  by  a registrar other than the corporation
itself or its employee.  In case  any  officer  who  has  signed  or  whose
facsimile signature has been placed upon a certificate shall have ceased to
be such officer before such certificate is issued it may be issued  by  the
corporation  with the same effect as if he were such officer at the date of
issue.
 
 (b)   Each  capital  certificate  shall  when  issued  state upon the face
thereof:
 
(1)   That the corporation is a Type ..... corporation under
S 113. Certificate of type of not-for-profit corporation. or
section 402 of the New York Not-for-Profit Corporation Law.
 
(2) The name of the member to whom issued.
 
(3) The  amount  of  the member`s capital contribution evidenced by such
certificate.
 
(4) If  appropriate,  that  the corporation is a Type A corporation, and
that its certificate of incorporation provides that the capital certificate
is transferable to other members with the consent of the corporation.
 
 (c)  The fact that the corporation is a not-for-profit corporation, and
that the capital certificate is  non-transferable  or  is  transferable  to
other  members,  with  the  consent  of  the  corporation,  shall  be noted
conspicuously on the face or back of each such certificate.
 
S 504.  Subventions.
 <back to top>
 (a)   The  certificate  of  incorporation may provide that the corporation
shall be authorized by resolution of the board to accept  subventions  from
members  or  non-members on terms and conditions not inconsistent with this
chapter, and to issue certificates therefor.  Subvention certificates shall
be  nontransferable  unless  such  resolution  provides  that they shall be
transferable, either at will or subject to specified restrictions.
 
 (b)   A  subvention  shall consist of money or other property, tangible or
intangible, actually received  by  the  corporation  or  expended  for  its
benefit  or  for its formation or reorganization, or a combination thereof.
In the absence of fraud in the transaction, the judgment of the board as to
the  value  of  the  consideration  received  by  the  corporation shall be
conclusive.
 
 (c)   The  rights of holders of subvention certificates shall at all times
be subordinate to the rights of creditors of the corporation.
 
 (d)   The  resolution  of the board may provide that holders of subvention
certificates shall be entitled to a fixed or  contingent  periodic  payment
out of the corporate assets equal to a percentage of the original amount or
value of the subvention, but such payment shall not  exceed  two-thirds  of
the  maximum  interest  rate  authorized  pursuant  to section 5-501 of the
general obligations law.
 
 (e)   The  resolution  of the board may provide that a subvention shall be
redeemable, in whole or in part, at the option of the corporation  at  such
price  or  prices  (not  to  exceed  the  original  amount  or value of the
subvention plus any periodic payments due or accrued thereon), within  such
period  or periods, and on such terms and conditions, not inconsistent with
this chapter, as are stated in the resolution.
 
 (f)   The  resolution of the board may provide that holders of all or some
subvention certificates shall have the right  to  require  the  corporation
after  a  specified period of time to redeem such certificates, in whole or
in part, at a price or prices that do not exceed  the  original  amount  or
value  of the subvention plus any periodic payments due or accrued thereon,
upon an affirmative showing that the financial condition of the corporation
will  permit  the  required  payment  to  be made without impairment of its
operations or injury to its creditors.  The right to require redemption may
in  addition  be conditioned upon the occurrence of a specified event.  For
the purpose of enforcing their rights  under  this  paragraph,  holders  of
subvention  certificates shall be entitled to inspect the books and records
of the corporation.
 
 (g)    Holders   of  subvention  certificates,  upon  dissolution  of  the
corporation, shall be entitled, after the claims  of  creditors  have  been
satisfied, to a repayment of the original amount or value of the subvention
plus any periodic payments due or accrued thereon, unless a lesser  sum  is
specified  in  the  certificate  of  incorporation or the resolution of the
board concerning such subvention.
 
Sec. 505.  Subvention certificates.
 <back to top>
    (a)   Each  subvention  certificate  shall  be  signed by the
chairman or a vice-chairman of the board or the  president  or  a
vice-president and the secretary or an assistant secretary or the
treasurer or an assistant treasurer of the corporation,  and  may
be  sealed  with  the  seal  of  the  corporation  or a facsimile
thereof.  The signatures of the officers upon a  certificate  may
be  facsimiles  if the certificate is countersigned by a transfer
agent or registered by a registrar  other  than  the  corporation
itself  or  its employees.  In case any officer who has signed or
whose facsimile signature has  been  placed  upon  a  certificate
shall  have  ceased to be such officer before such certificate is
issued, it may be issued by the corporation with the same  effect
as if he were such officer at the date of issue.
 
    (b)  Each subvention certificate shall when issued state upon
the face thereof:
 
    (1)   That  the corporation is a Type ..... corporation under
section 113  or  section  402  of  the  New  York  Not-for-Profit
Corporation Law.
    (2)  The name of the person or persons to whom issued.
    (3)    The   amount  of  the  subvention  evidenced  by  such
certificate.
    (4)   The  amount  of  the  periodic payment thereon, if any,
authorized by the resolution of the board.
    (5)  If appropriate, that the certificate is redeemable and a
summary of the conditions for redemption at  the  option  of  the
corporation or of the holder.
    (6)   If  appropriate,  that the certificate is transferable,
either at will or subject to specified restrictions.
 
    (c)   The  fact  that  the  corporation  is  a not-for-profit
corporation and,  where  appropriate,  that  the  certificate  is
transferable  at  will or subject to restrictions, shall be noted
conspicuously on the face or back of each such certificate.
 
Sec. 506.  Bonds and security interests.

 <back to top>
    (a)   No  corporation  shall  issue bonds except for money or
other property, tangible or  intangible,  or  labor  or  services
actually  received by or performed for the corporation or for its
benefit or in its formation or reorganization, or  a  combination
thereof.   In  the  absence  of  fraud  in  the  transaction, the
judgment of the board  as  to  the  value  of  the  consideration
received by the corporation shall be conclusive.
 
    (b)   A corporation may pay reasonable interest on its bonds,
may issue its bonds at  a  reasonable  discount  and  may  pay  a
reasonable  premium for the redemption thereof prior to maturity,
but the holders of its bonds shall not be entitled at any time to
receive  any  part of the income or profit of the corporation nor
at maturity to receive more than the principal sum  thereof  plus
interest due and accrued thereon.  In the absence of fraud in the
transaction, the judgment of the board as to  the  reasonableness
of  any  such  interest, discount or premium shall be conclusive.
However, with respect to bonds not a part of a  public  offering,
notwithstanding  the  terms  of  the  instrument,  no member of a
corporation shall be entitled to receive, directly or indirectly,
as  a  holder  or  beneficiary of such bond, prior to maturity or
redemption, more than simple interest thereon at a rate equal  to
the  higher  of  (1)  the maximum interest authorized pursuant to
section 5-501 of the general obligations law or (2)  one  percent
over  the  prime  rate  of  interest  generally prevailing on the
interest due date in the Federal Reserve District  of  New  York,
nor  at  maturity  or  redemption,  more  than  the principal sum
thereof plus any interest, not  exceeding  the  maximum  interest
herein specified, due and accrued thereon.
 
    (c)   A  corporation may, in its certificate of incorporation
or by-laws, confer upon the holders of any bonds issued or to  be
issued  by the corporation, rights to inspect the corporate books
and records and, upon default of interest or principal,  to  vote
in  the  election of directors.  The certificate of incorporation
or the by-laws may apportion the number of votes that may be cast
with respect to bonds on the basis of the amount of bonds held.
 
    (d)   The  board  may authorize any mortgage or pledge of, or
the creation of a security interest in, all or any  part  of  the
corporation`s personal property, or any interest therein.  Unless
the certificate of incorporation provides otherwise, no  vote  or
consent  of  the members shall be required to approve such action
by the board.
 
Sec. 507.  Fees, dues and assessments; fines and penalties.
 <back to top>
    (a)   If  authorized  by  its certificate of incorporation or
by-laws  and  subject  to  any  limitations  stated   therein   a
corporation may levy initiation fees, dues and assessments on its
members, whether or not they are voting members, and  may  impose
reasonable   fines  or  other  penalties  upon  its  members  for
violations of its rules and regulations.
 
    (b)   Initiation  fees,  dues or assessments may be levied on
all  classes  of  members  alike  or  in  different  amounts   or
proportions  for different classes of members, as the certificate
of incorporation or the by-laws may provide, but in all cases the
fees,  dues and assessments payable by members of one class shall
be determined upon the same basis.
 
    (c)   The  certificate  of  incorporation  or the by-laws may
contain such provisions as are deemed necessary  to  enforce  the
collection  of fees, dues, assessments, fines or other penalties,
including provisions for  the  termination  of  membership,  upon
reasonable   notice,   for   non-payment   of  such  fees,  dues,
assessments,  fines  or  other  penalties,  and  provisions   for
reinstatement of membership.
 
    (d)    Subject   to  the  provisions  of  this  chapter,  the
certificate of incorporation  may  provide  that  members  paying
initiation  fees,  dues or assessments shall, upon dissolution of
the corporation, have distributive rights  in  its  assets.   The
distributive  rights  may  be  different for different classes of
members, but in all cases the rights  of  members  of  one  class
shall be the same.
 
Sec. 508.  Income from corporate activities.
 <back to top>
    A  corporation  whose  lawful  activities involve among other
things the charging  of  fees  or  prices  for  its  services  or
products  shall  have the right to receive such income and, in so
doing, may  make  an  incidental  profit.   All  such  incidental
profits  shall  be  applied  to  the  maintenance,  expansion  or
operation of the lawful activities of the corporation, and in  no
case  shall  be  divided  or distributed in any manner whatsoever
among the members, directors, or officers of the corporation.
 
S 509. Purchase, sale, mortgage and lease of real property.
 <back to top>
  No  purchase  of  real  property  shall  be  made by a corporation and no
corporation shall sell, mortgage or lease real property, unless  authorized
by  the  vote of two-thirds of the entire board, provided that if there are
twenty-one or more directors, the vote of a majority of  the  entire  board
shall be sufficient.
 
S 510.  Disposition of all or substantially all assets.
 <back to top>
 (a)  A sale, lease, exchange or other disposition of all, or substantially
all, the assets of a corporation may be made upon such terms and conditions
and  for  such consideration, which may consist in whole or in part of cash
or other property, real or  personal,  including  shares,  bonds  or  other
securities  of any other domestic or foreign corporation or corporations of
any type or kind, as may be authorized in  accordance  with  the  following
procedure:
 
 (1)   If there are members entitled to vote thereon, the board shall adopt
a resolution recommending such sale, lease, exchange or other  disposition.
The  resolution  shall  specify  the  terms  and conditions of the proposed
transaction, including the consideration to be received by the  corporation
and  the  eventual  disposition  to be made of such consideration, together
with a statement that the dissolution of  the  corporation  is  or  is  not
contemplated  thereafter.  The resolution shall be submitted to a vote at a
meeting of members entitled to vote thereon, which may be either an  annual
or  a special meeting.  Notice of the meeting shall be given to each member
and each holder of subvention certificates or  bonds  of  the  corporation,
whether  or  not  entitled  to vote.  At such meeting by two-thirds vote as
provided in paragraph (c) of section 613 (Vote of members) the members  may
approve  the  proposed transaction according to the terms of the resolution
of  the  board,  or  may  approve  such  sale,  lease,  exchange  or  other
disposition  and may authorize the board to modify the terms and conditions
thereof.
 (2)   If  there are no members entitled to vote thereon, such sale, lease,
exchange or other disposition shall be authorized by the vote of  at  least
two-thirds  of  the  entire board, provided that if there are twenty-one or
more directors, the vote of  a  majority  of  the  entire  board  shall  be
sufficient.
 (3)   If  the  corporation  is,  or would be if formed under this chapter,
classified as a Type B or Type C corporation under section 201,  (Purposes)
such  sale,  lease, exchange or other disposition shall in addition require
leave of the supreme court in the judicial district or of the county  court
of the county in which the corporation has its office or principal place of
carrying out the puropses for which it was formed.
 
 (b)  After such authorization the board in its discretion may abandon such
sale, lease, exchange or other disposition of assets, subject to the rights
of  third  parties  under  any  contract  relating thereto, without further
action or approval.
 
S 511. Petition for leave of court.
 <back to top>
    (a)  A corporation required by law to obtain leave of court to sell,
lease, exchange or otherwise dispose of all  or  substantially  all  its
assets,  shall  present  a verified petition to the supreme court of the
judicial district, or the  county  court  of  the  county,  wherein  the
corporation  has  its  office  or  principal  place  of carrying out the
purposes for which it was formed. The petition shall set forth:
 
    1.  The  name  of  the corporation, the law under or by which it was
incorporated.
    2.  The  names  of  its  directors and principal officers, and their
places of residence.
    3. The activities of the corporation.
    4.  A  description,  with  reasonable certainty, of the assets to be
sold, leased, exchanged, or otherwise disposed of, or a  statement  that
it  is  proposed to sell, lease, exchange or otherwise dispose of all or
substantially all  the  corporate  assets  more  fully  described  in  a
schedule  attached to the petition; and a statement of the fair value of
such assets, and the amount of the corporation`s debts  and  liabilities
and how secured.
    5.  The  consideration  to  be  received  by the corporation and the
disposition proposed to be made thereof, together with a statement  that
the dissolution of the corporation is or is not contemplated thereafter.
    6. That the consideration and the terms of the sale, lease, exchange
or other disposition of the assets  of  the  corporation  are  fair  and
reasonable to the corporation, and that the purposes of the corporation,
or the interests of its members will be promoted thereby, and a  concise
statement of the reasons therefor.
    7.  That  such  sale,  lease,  exchange  or disposition of corporate
assets, has been recommended or authorized by vote of the  directors  in
accordance  with  law,  at a meeting duly called and held, as shown in a
schedule annexed to the petition setting forth a copy of the  resolution
granting such authority with a statement of the vote thereon.
    8.  Where  the  consent of members of the corporation is required by
law, that such consent has been given, as shown in a schedule annexed to
the  petition setting forth a copy of such consent, if in writing, or of
a resolution giving such consent, adopted at a meeting of  members  duly
called and held, with a statement of the vote thereon.
    9.  A prayer for leave to sell, lease, exchange or otherwise dispose
of all or substantially all the assets of the corporation as  set  forth
in the petition.
 
     (b)  Upon presentation of the petition, the court shall direct that
a minimum of fifteen days notice be given by mail or in  person  to  the
attorney  general,  and  in its discretion may direct that notice of the
application be given, personally or by mail, to  any  person  interested
therein,  as  member,  officer or creditor of the corporation. The court
shall have authority to shorten the time for  service  on  the  attorney
general  upon a showing of good cause. The notice shall specify the time
and place, fixed by the court, for a hearing upon the  application.  Any
person  interested,  whether or not formally notified, may appear at the
hearing and show cause why the application should not be granted.
 
    (c)   If   the  corporation  be  insolvent,  or  if  its  assets  be
insufficient to  liquidate  its  debts  and  liabilities  in  full,  the
application  shall  not  be  granted  unless  all  the  creditors of the
corporation shall have been served, personally or by mail, with a notice
of the time and place of the hearing.
 
    (d)  If  it shall appear, to the satisfaction of the court, that the
consideration and the terms of the transaction are fair  and  reasonable
to  the  corporation  and  that  the  purposes of the corporation or the
interests of the members will be promoted, it may  authorize  the  sale,
lease,  exchange  or  other  disposition of all or substantially all the
assets of the corporation,  as  described  in  the  petition,  for  such
consideration  and upon such terms as the court may prescribe. The order
of the court shall direct the disposition of  the  consideration  to  be
received thereunder by the corporation.
 
Sec. 512.  Investment authority.
 <back to top>
    In  addition  to an investment otherwise authorized by law or
by the applicable gift instrument,  and  without  restriction  to
investments a fiduciary may make, the governing board, subject to
any  specific  limitations  set  forth  in  the  applicable  gift
instrument  or  in  the applicable law other than law relating to
investments by a fiduciary, and  subject  to  the  provisions  of
section 717 (Duty of directors and officers), may:
 
    (1)   invest  and reinvest an institutional fund, in the name
of  the  corporation  or  in  the  name  of  a  nominee  of   the
corporation, in any real or personal property deemed advisable by
the governing board, whether or not it produces a current return,
including   mortgages,   stocks,  bonds,  debentures,  and  other
securities of profit or not-for-profit corporations, shares in or
obligations  of  associations,  partnerships, or individuals, and
obligations of any government or subdivision  or  instrumentality
thereof;
    (2)    retain   property   contributed   by  a  donor  to  an
institutional fund for as  long  as  the  governing  board  deems
advisable, taking into account any request by the donor to do so;
    (3)   include all or any part of an institutional fund in any
pooled  or  common  fund  available  for  investment   which   is
maintained by the corporation; and
    (4)   invest  all or any part of an institutional fund in any
other pooled or common fund available for  investment,  including
shares  or  interests  in  regulated investment companies, mutual
funds, common trust funds, investment partnerships,  real  estate
investment  trusts,  or  similar organizations in which funds are
commingled and investment  determinations  are  made  by  persons
other than the governing board.
 
Sec.   513.   Administration  of  assets  received  for  specific purposes.
 <back to top>
    (a)  A corporation which is, or would be if formed under this
chapter, classified as a  Type  B  corporation  shall  hold  full
ownership  rights in any assets consisting of funds or other real
or personal property of any kind, that  may  be  given,  granted,
bequeathed  or devised to or otherwise vested in such corporation
in trust for, or with a direction  to  apply  the  same  to,  any
purpose  specified in its certificate of incorporation, and shall
not be deemed a trustee of an express trust of such assets.   Any
other  corporation  subject  to  this  chapter may similarly hold
assets so received, unless otherwise provided by law  or  in  the
certificate of incorporation.
 
    (b)  Except as may be otherwise permitted under article eight
of the estates, powers and trusts law or section 522 (Release  of
restrictions  on  use  or  investment), the governing board shall
apply all assets thus received to the purposes specified  in  the
gift  instrument  and to the payment of the reasonable and proper
expenses of administration of such assets.  The  governing  board
shall  cause accurate accounts to be kept of such assets separate
and apart from the accounts of other assets of  the  corporation.
Unless  the  terms  of  the  particular  gift  instrument provide
otherwise, the treasurer shall  make  an  annual  report  to  the
members (if there be members) or to the governing board (if there
be no members) concerning the assets held under this section  and
the use made of such assets and of the income thereof.
 
    (c)   The governing board may appropriate for expenditure for
the uses and purposes for which an endowment fund is  established
so  much  of  the net appreciation, realized (with respect to all
assets) and unrealized (with respect only to  readily  marketable
assets),  in  the  fair  value of the assets of an endowment fund
over the historic dollar value of the fund as  is  prudent  under
the  standard  established  by section 717 (Duty of directors and
officers).   This  section  is  not  intended  to  restrict   the
authority  of  the  governing  board to expend funds as permitted
under other law, the terms of the applicable gift  instrument  or
the certificate of incorporation of the corporation.
 
    (d)   Paragraph  (c)  of  this  section does not apply if the
applicable gift instrument indicates the donor`s  intention  that
net  appreciation  shall not be expended.  A restriction upon the
expenditure of  net  appreciation  may  not  be  implied  from  a
designation  of  a  gift  as an endowment, or from a direction or
authorization in the  applicable  gift  instrument  to  use  only
"income,"   "interest,"   "  dividends,"  or  "rents,  issues  or
profits," or "to preserve the principal intact," or  a  direction
which  contains  other  words  of  similar  import.  This rule of
construction applies to gift instruments executed  or  in  effect
before or after the effective date of said paragraph (c).
 
Sec. 514.  Delegation of investment management.

 <back to top>
    (a)   Except  as  otherwise  provided  by the applicable gift
instrument,  the  governing  board  may  (1)  delegate   to   its
committees, officers or employees of the corporation or the fund,
or agents, including investment counsel, the authority to act  in
place  of  the  governing board in investment and reinvestment of
institutional funds, (2)  contract  with  independent  investment
advisors,   investment  counsel  or  managers,  banks,  or  trust
companies,  so  to  act,  and  (3)  authorize  the   payment   of
compensation  for  investment  advisory  or  management services,
advisors,  investment  counsel  or  managers,  banks   or   trust
companies,  so to act.  Each contract pursuant to which authority
is so delegated shall provide that it may be  terminated  by  the
governing  board at any time, without penalty, upon not more than
sixty days` notice.
 
    (b)   The governing board shall exercise the standard of care
required by section 717 (Duty of directors and officers)  in  the
selection  of persons to whom authority is delegated or with whom
contracts are made under paragraph (a) of this section and in the
continuation or termination of such delegation or contracts.  The
governing board shall  be  relieved  of  all  liability  for  the
investment  and  reinvestment  of institutional funds by, and for
the other acts or omissions of, persons to whom authority  is  so
delegated or with whom contracts are so made.
 
Sec. 515.  Dividends prohibited; certain distributions of cash or property authorized.
 <back to top>
    (a)   A corporation shall not pay dividends or distribute any
part of its income  or  profit  to  its  members,  directors,  or
officers.
 
    (b)   A  corporation  may  pay  compensation  in a reasonable
amount to members, directors, or officers for services  rendered,
and  may  make  distributions of cash or property to members upon
dissolution or final liquidation as permitted by this chapter.
 
    (c)   A  corporation  may  confer  benefits  upon  members or
nonmembers in  conformity  with  its  purposes,  may  redeem  its
capital  certificates  or  subvention  certificates, and may make
other distributions of cash or property to its members or  former
members,  directors,  or  officers  prior to dissolution or final
liquidation, as authorized  by  this  article,  except  when  the
corporation  is  currently  insolvent  or  would  thereby be made
insolvent or rendered unable to carry on its corporate  purposes,
or  when  the  fair  value  of the corporation`s assets remaining
after such  conferring  of  benefits,  or  redemption,  or  other
distribution would be insufficient to meet its liabilities.
 
Sec.   516.    Distributions   to  members  upon  termination  of membership.

 <back to top>
    (a)  Except as provided in this chapter or the certificate of
incorporation or the by-laws, the interest of  a  member  in  the
property of a corporation shall terminate upon the termination of
his membership, whether by expiration of the term of  membership,
or  by  the  death,  voluntary  withdrawal,  or  expulsion of the
member,  or  otherwise.   Such  termination  shall   be   without
prejudice  to  his  rights,  if  any,  as  holder of a capital or
subvention certificate.
 
    (b)   In  the  event  of a termination of membership, whether
voluntary  or  involuntary,  and  subject  to  any   restrictions
contained  in this chapter or the certificate of incorporation or
the by-laws, a corporation may at its option thereafter call  for
redemption  any  capital certificate or certificates held by such
former member, and redeem the same upon payment of a sum of money
equal to the redemption price thereof if such certificates are by
their terms redeemable, or upon payment of a sum of  money  equal
to  the  amount  of  the  capital  contribution evidenced by such
certificates if they are not by their express terms redeemable.
 
    (c)    If   a  member  who  would  upon  dissolution  of  the
corporation  have  distributive  rights  in  its   assets   under
paragraph  (d)  of section 507 (Fees, dues and assessments; fines
and penalties) is expelled other than for  cause  pursuant  to  a
provision   of   the  certificate  of  incorporation  or  by-laws
authorizing such expulsion,  and  the  corporation  is  dissolved
within  a  period of five years after the date of such expulsion,
the  expelled  member  shall  be  entitled  to   share   in   the
distribution of assets in the same manner as other members of the
same class entitled to share at that time, except that his  share
shall be charged with any arrearages and all dues and assessments
which he would have paid  if  he  had  remained  a  member,  plus
interest on all such items.
 
    (d)  Nothing in this section shall authorize a corporation to
make a distribution of cash or property to  a  former  member  in
contravention   of  the  provisions  of  section  515  (Dividends
prohibited;   certain   distributions   of   cash   or   property
authorized).
 
Sec. 517.  Liabilities of members.

 <back to top>
    (a)   The  members  of  a corporation shall not be personally
liable  for  the  debts,  liabilities  or  obligations   of   the
corporation.
 
    (b)   A member shall be liable to the corporation only to the
extent of any unpaid portion of the initiation  fees,  membership
dues  or  assessments  which  the  corporation  may have lawfully
imposed upon him, or for any other indebtedness owed  by  him  to
the  corporation.   No action shall be brought by any creditor of
the corporation to reach and apply any such liability to any debt
of  the  corporation  until  after final judgment shall have been
rendered against the corporation in favor  of  the  creditor  and
execution  thereon returned unsatisfied, or the corporation shall
have been adjudged  bankrupt,  or  a  receiver  shall  have  been
appointed  with  power  to  collect debts, and which receiver, on
demand of a creditor to bring suit thereon, has  refused  to  sue
for  such  unpaid  amount,  or  the  corporation  shall have been
dissolved or ceased its activities leaving debts unpaid.  No such
action shall be brought more than three years after the happening
of any one of such events.
 
S 519. Annual report of directors.
 <back to top>
  (a)  The  board  shall  present  at  the annual meeting of members a
report, verified by the president and treasurer or by  a  majority  of
the  directors,  or  certified  by  an independent public or certified
public accountant or a firm of such accountants selected by the board,
showing in appropriate detail the following:
 
  (1) The assets and liabilities, including the trust  funds,  of  the
corporation  as of the end of a twelve month fiscal period terminating
not more than six months prior to said meeting.
  (2) The principal changes in assets and liabilities, including trust
funds, during said fiscal period.
  (3) The revenue or receipts of the  corporation,  both  unrestricted
and restricted to particular purposes during said fiscal period.
  (4)  The  expenses  or  disbursements  of  the corporation, for both
general and restricted purposes, during said fiscal period.
  (5) The number of members of the corporation as of the date  of  the
report,  together  with  a  statement  of increase or decrease in such
number during said fiscal period, and a statement of the  place  where
the names and places of residence of the current members may be found.
 
  (b)  The  annual report of directors shall be filed with the records
of the corporation and either a copy or an abstract thereof entered in
the minutes of the proceedings of the annual meeting of members.
 
  (c) The board of a corporation having no members  shall  direct  the
president  and treasurer to present at the annual meeting of the board
a  report  in  accordance  with  paragraph  (a),  but   omitting   the
requirement  of  subparagraph (5). This report shall be filed with the
minutes of the annual meeting of the board.
 
Sec. 520. Reports of corporation.
 <back to top>
  Each  domestic  corporation,  and  each foreign corporation authorized to
conduct activities in this state, shall from time to time file such reports
on  its  activities  as  may  be  required  by  the laws of this state. All
registration and reporting requirements pursuant to EPTL 8-1.4, or  related
successor  provisions,  are, without limitation on the foregoing, expressly
included as reports required by the laws of this state to be  filed  within
the  meaning  of  this  section. Willful failure of a corporation to file a
report as required by law shall constitute a breach of the directors`  duty
to  the  corporation  and shall subject the corporation, at the suit of the
attorney-general, to an action or special proceeding for dissolution  under
article 11 (Judicial dissolution) in the case of a domestic corporation, or
under S 1303 (Violations) in the case of a foreign corporation.
 
S 521.  Liability for failure to disclose required information.
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 Failure  of  the  corporation  to  comply in good faith with the notice or
disclosure or  reporting  provisions  of  section  501  (Stock  and  shares
prohibited;  membership  certificates  authorized),  or  paragraph  (c)  of
section 503  (Capital  certificates),  or  paragraph  (c)  of  section  505
(Subvention  certificates), or paragraph (b) of section 513 (Administration
of assets received for specific  purposes),  or  section  518  (Reports  to
comptroller),  or  section 519 (Annual report of directors), or section 520
(Reports of corporation), shall make the corporation liable for any  damage
sustained by any person in consequence thereof.
 
S 522. Release of restrictions on use or investment.

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 (a)  With  the  consent of the donor in a writing acknowledged by him, the
governing board may release, in whole or in part, a restriction imposed  by
the applicable gift instrument on the use or investment of an institutional
fund.
 
 (b)  If  written  consent of the donor cannot be obtained by reason of his
death, disability, unavailability, or impossibility of identification,  the
governing board may apply in the name of the corporation
 
(i)  to the supreme court of the judicial district wherein the corporation has  
     its  office  or principal  place  of  carrying out the purposes for which
     it was formed, or
    
(ii) where the applicable gift instrument is a  will,  to  the  surrogate`s
court  in which such will is probated, for release of a restriction imposed
by  the  applicable  gift  instrument  on  the  use  or  investment  of  an
institutional   fund.  The  attorney  general  shall  be  notified  of  the
application and shall be given an opportunity to be  heard.  If  the  court
finds that the restriction is obsolete, inappropriate, or impracticable, it
may by order release the restriction in whole or in part. A  release  under
this  paragraph  (b) may not change an endowment fund to a fund that is not
an endowment fund.
 
 
 (c)  A  release  under  this  section  may not allow a fund to be used for
purposes other than the purposes of the corporation.
 
 (d)  This  section  does  not  limit the application of the doctrine of cy
pres.
 
 
http://assembly.state.ny.us/leg/?cl=76&a=2    
 
S 113. Certificate of type of not-for-profit corporation.
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  (a)  Every  corporation  to which this chapter applies and which is in
existence on September 1, 1970, except those described in paragraph  (b)
of  this  section,  shall  in all respects be considered a type B corpo-
ration unless it shall deliver to  the  department  of  state  a  signed
certificate, entitled "Certificate of type of not-for-profit corporation
of  ............(name  of corporation) under section 113 of the Not-for-
Profit Corporation Law", or unless its certificate of incorporation  has
been  amended to state its type under section 201 (Purposes).  A certif-
icate of type shall set forth:
  (1)  The name of the corporation and, if its name  has  been  changed,
the name under which it was formed.
  (2)    The  date  its  certificate  of  incorporation was filed by the
department of state and the law under which it was formed.
  (3) A designation of the secretary of state as  agent  of  the  corpo-
ration  upon  whom  process  against  it  may  be served and post office
address within or without this state to which  the  secretary  of  state
shall mail a copy of any process against it served upon him.
  (4)    That under section 201 (Purposes) it is a Type ..... (insert A,
B, C or D) not-for-profit corporation as defined in this chapter.
  (b) The following corporations are exempt from the provisions of para-
graph (a).
  (1) A corporation to which is applicable, and whose type is determined
by, the education law, the religious corporations law  and  the  private
housing finance law.
  (2)  A  corporation  formed  under an article of the membership corpo-
rations law or any predecessor general law  or  special  act,  which  if
formed  currently would be formable under, and its type determined by, a
section of article fourteen hereof.
  (3) A corporation otherwise within the provisions  of  paragraph  (a),
which  has as its principal purpose a religious, educational or charita-
ble purpose,  and  is  operated,  supervised  or  controlled  by  or  in
connection with a religious corporation.
  (4)  A  corporation  having a right under paragraph (a) of section 103
(Application) to elect to file a certificate of type under this section.
  (5) Anything to the contrary herein  notwithstanding  any  corporation
exempt  hereunder  may  deliver a certificate of type described in para-
graph (a) to the department of state.
  (d)  A corporation formed by or pursuant to a special act which elects
to file a certificate of type, as  authorized  under  paragraph  (a)  of
section  103  (Application),  shall file at any time after the effective
date of this chapter a certificate of type setting forth, in addition to
the items in subparagraphs (1) through (4) of paragraph (a), a statement
that it elects to have this chapter apply in all respects to it.
 
http://assembly.state.ny.us/leg/?cl=76&a=5    
 
S 402. Certificate of incorporation; contents.
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  (a)   A   certificate,   entitled  "Certificate  of  Incorporation  of
.................... (name of corporation), under  section  402  of  the
Not-for-Profit  Corporation  Law,"  shall be signed by each incorporator
with his name and address included in such certificate and delivered  to
the department of state. It shall set forth:
  (1) The name of the corporation.
  (2)  That  the corporation is a corporation as defined in subparagraph
(a) (5) of section 102 (Definitions); the purpose or purposes for  which
it  is  formed and the type of corporation it shall be under section 201
(Purposes); and in the case of a Type C corporation, the  lawful  public
or quasi-public objective which each business purpose will achieve.
  (3) The county within the state in which the office of the corporation
is  to  be  located. It may also set forth the post office address of an
office without the state, at which, pursuant to section 621  (Books  and
records;  right  of  inspection;  prima  facie  evidence), the books and
records of account of the corporation shall be kept.
  (4) In the case of a Type A, Type B, or Type C corporation, the  names
and  addresses  of the initial directors. In the case of a Type D corpo-
ration, the names and addresses of the initial directors,  if  any,  may
but need not be set forth.
  (5) The duration of the corporation if other than perpetual.
  (6)  A  designation  of  the secretary of state as agent of the corpo-
ration upon whom process against it may be served and  the  post  office
address  within  or  without  this state to which the secretary of state
shall mail a copy of any process against it served upon him.
  (7) If the corporation is to have a registered  agent,  his  name  and
address  within  this state and a statement that the registered agent is
to be the agent of the corporation upon whom process against it  may  be
served.
  (8)  The  statements,  if  any, with respect to special not-for-profit
corporations required under article 14  (Special  not-for-profit  corpo-
rations).
  (b)  If  the certificate is for the incorporation of an existing unin-
corporated association or group it shall have annexed thereto an affida-
vit of the subscribers of such certificate stating that they  constitute
a  majority of the members of a committee duly authorized to incorporate
such association or group.
  (c) The certificate of incorporation may set forth any provision,  not
inconsistent  with this chapter or any other statute of the state, which
provision is (1) for the regulation  of  the  internal  affairs  of  the
corporation,  including  types or classes of membership and the distrib-
ution of assets on dissolution or final liquidation, or (2) required  by
any  governmental body or officer or other person or body as a condition
for giving the consent or approval  required  for  the  filing  of  such
certificate of incorporation.


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