N.Y. Not-for-Profit Corporation Law 115 – Power to solicit contributions for charitable purposes
§ 115. Power to solicit contributions for charitable purposes.
Terms Used In N.Y. Not-for-Profit Corporation Law 115
- 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.
(a) No corporation required to obtain approval or provide notice of formation pursuant to section 404 (Approvals, notices and consents) of this chapter may solicit contributions for any purpose requiring such approval or notice unless and until such corporation (1) obtains and submits any approval or notice required thereunder, and (2) is in compliance with the registration and reporting requirements of Article 7-A of the executive law and section 8-1.4 of the estates, powers and trusts law.
(b) The attorney general may maintain an action or proceeding pursuant to the provisions of subparagraph one of paragraph (a) of section one hundred twelve of this article against any corporation that solicits contributions in violation of paragraph (a) of this section. Such an action may also be maintained in relation to a corporation hereinafter incorporated if the name, purposes, objects or the activities of such corporation may, in any manner, lead to the belief that the corporation possesses or may exercise any of such purposes.