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A10534 Text:

                STATE OF NEW YORK
                   IN ASSEMBLY
                                       May 4, 2018
        Introduced  by  M. of A. PAULIN, GALEF, ABINANTI, BUCHWALD, RAIA -- read
          once and referred to the Committee on  Corporations,  Authorities  and
        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.
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