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Who cares
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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes shareholders to attend meetings via remote communication and to be deemed present for voting purposes
Assembly Floor Calendar · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5744
Title of bill
An act to amend the business corporation law, in relation to attendance of a meeting of shareholders by remote communication
Purpose
This bill will offer the option to business corporations to authorize, by action of the board of directors, to implement reasonable measures to provide shareholders who are not physically present at shareholder meetings with an opportunity to participate long distance by electronic measures.
Summary of provisions
Section 1 - amends paragraphs (b), (c) and (d) of section 602 of the Business Corporation Law to offer as an option, but not a mandate, the ability of corporations to have long distance participation of shareholders in shareholder meetings by electronic methods.
Section 2 amends section 605 of the Business Corporation Law to provide notice of means of electronic participation to shareholders when such option is offered.
Section 3 provides that this act shall take effect immediately.
Justification
The bill recognizes the advances that have been made in long distance telemeeting technology and offers this option to corporations. This bill provides more flexibility to corporations to offer long distance electronic participation to shareholders if the board of directors determines such method of participation is appropriate for their corporation, and can potentially provide greater convenience to shareholders to participate in meetings.
Legislative history
2012: A01710A (Kavanagh) - Passed Assembly 2011: A01710 (Kavanagh) - Corporations 2010: A01567 (Brodsky) - Passed Assembly 2009: A01567 (Brodsky) - Passed Assembly 2008: A01350B (Brodsky) - Passed Assembly 2007: A01350A (Brodsky) - Passed Assembly
Fiscal impact on the state
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.