N.Y. Not-for-Profit Corporation Law 1320 – Applicability of other provisions
§ 1320. Applicability of other provisions.
Terms Used In N.Y. Not-for-Profit Corporation Law 1320
- 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.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
(a) In additions to articles 1 (Short title; definitions; application; certificates; miscellaneous) and 3 (Corporate name and service of process) and the other sections of article 13, the following provisions, to the extent provided therein, shall apply to a foreign corporation conducting activities in this state, its directors, officers and members:
(1) Section 623 (Members' derivative action brought in the right of the corporation to procure a judgment in its favor).
(2) Sections 721 (Exclusivity of statutory provisions for indemnification of directors and officers) through 727 (Insurance for indemnification of directors and officers), inclusive.
(3) Section 906 (Merger or consolidation of domestic and foreign corporations).