New York – AB 8072, effective July 1, amends the Not-for-Profit Corporation Law and other laws

January 2, 2014

Assembly Bill 8072 (Chapter 540) signed by the governor December 18 and effective July 1, 2014 amends the Not-for-Profit Corporation Law, the Estates Powers and Trusts Law, and Article 7-A of the Executive Law, to reduce unnecessary and outdated burdens on nonprofits and to enhance nonprofit governance and oversight to prevent fraud and improve public trust.  The bill text can be accessed here.