N.Y. Not-for-Profit Corporation Law 1321 – Exemption from certain provisions
§ 1321. Exemption from certain provisions.
Terms Used In N.Y. Not-for-Profit Corporation Law 1321
- 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) Notwithstanding any other provision of this chapter, a foreign corporation conducting activities in this state which is authorized under this article, its directors, officers and members, shall be exempt from the provisions of paragraph (e) of section 1317 (Voting trust records), subparagraph (1) of paragraph (a) of section 1318 (Liabilities of directors and officers of foreign corporations), and subparagraph (2) of paragraph (a) of section 1320 (Applicability of other provisions) of this article if such provision would otherwise apply:
(1) The corporation is a non-charitable corporation under this chapter; its principal activities are conducted outside this state; the greater part of its property is located outside this state; and less than one third of its members are residents of this state; or
(2) The corporation is a charitable corporation under this chapter; its principal activities are conducted outside this state; the greater part of its property is located outside this state; and less than ten per cent of its annual revenues is derived from solicitation of funds within this state.