§ 1701 Application and Effect of Article
§ 1702 Definitions
§ 1703 Formation of Benefit Corporations
§ 1704 Election of an Existing Business Corporation to Become a Benefit Corporation
§ 1705 Termination of Benefit Corporation Status
§ 1706 Corporate Purposes
§ 1707 Standard of Conduct for Directors and Officers
§ 1708 Annual Benefit Report
§ 1709 Conspicuous Language On the Face of Certificates

Terms Used In New York Laws > Business Corporation > Article 17

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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
  • Bequest: Property gifted by will.
  • Commissioner: shall mean the commissioner of consumer and worker protection. See N.Y. New York City Administrative Code 20-102
  • Cost: means the cost of an approved project, which shall include engineering and architectural services, plans and specifications, consultant and legal services, and other direct expenses incident to such project less any federal assistance received or to be received and any other assistance from other parties. See
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the department of environmental conservation. See
  • Department: shall mean the department of consumer and worker protection. See N.Y. New York City Administrative Code 20-102
  • Devise: To gift property by will.
  • Federal assistance: means funds available, other than by loan, from the federal government, either directly or through allocation by the state for construction or program purposes pursuant to any federal law or program. See
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing body: means :

    a. See

  • Grantor: The person who establishes a trust and places property into it.
  • Independent: means that a person has no material relationship with a benefit corporation or any of its subsidiaries. See N.Y. Business Corporation Law 1702
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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

  • Municipality: means a local public authority or public benefit corporation, a county, city, town, village, or Indian tribe or nation residing within New York state, or any combination thereof. See
  • Not-for-profit corporation: means a corporation formed pursuant to the not-for-profit corporation law and qualified for tax-exempt status under the federal internal revenue code. See
  • 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.
  • Office: means the office of parks, recreation and historic preservation. See
  • Person: shall mean a natural person or an organization. See N.Y. New York City Administrative Code 20-102
  • Secretary: means the secretary of state. See
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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.
  • Testator: A male person who leaves a will at death.
  • 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

  • Urban areas: means cities, villages or towns with a population density of greater than one thousand persons per square mile. See
  • Urban forestry: means the planning, establishment, protection and other management of trees and other vegetation in urban areas for present and potential contribution to the physiological, sociological, and economic well-being of urban society. See