Terms Used In New York Laws > Education > Title 8 > Article 159 - Speech-language Pathologists and Audiologists

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit corporation: means a business corporation incorporated under this article and whose status as a benefit corporation has not been terminated as provided in this article. See N.Y. Business Corporation Law 1702
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• county: shall mean any county in this state, except a county wholly within a city. See N.Y. Tax Law 1215
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• General public benefit: means a material positive impact on society and the environment, taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation. See N.Y. Business Corporation Law 1702
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Minimum status vote: means that, in addition to any other approval or vote required by this chapter, the certificate of incorporation or a bylaw adopted by the shareholders:
  
  (1) The holders of shares of every class or series that are entitled to vote on the corporate action shall be entitled to vote as a class on the corporate action; and
  
  (2) The corporate action must be approved by vote of the shareholders of each class or series entitled to cast at least three-quarters of the votes that all shareholders of the class or series are entitled to cast thereon. See N.Y. Business Corporation Law 1702
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Specific public benefit: includes :
  
  (1) providing low-income or underserved individuals or communities with beneficial products or services;
  
  (2) promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
  
  (3) preserving the environment;
  
  (4) improving human health;
  
  (5) promoting the arts, sciences or advancement of knowledge;
  
  (6) increasing the flow of capital to entities with a public benefit purpose; and
  
  (7) the accomplishment of any other particular benefit for society or the environment. See N.Y. Business Corporation Law 1702
• Statute: A law passed by a legislature.
• Third-party standard: means a recognized standard for defining, reporting and assessing general public benefit that is:
  
  (1) developed by a person that is independent of the benefit corporation; and
  
  (2) transparent because the following information about the standard is publicly available:
  
  (A) the factors considered when measuring the performance of a business;
  
  (B) the relative weightings of those factors; and
  
  (C) the identity of the persons who developed and control changes to the standard and the process by which those changes are made. See N.Y. Business Corporation Law 1702