April 3, 2014
Authored by: Keith Kehrer
At the end of 2013, Governor Cuomo signed into law the Non-Profit Revitalization Act of 2013 (the “Revitalization Act”), which made significant changes to the way not-for-profit corporations will be required to operate in the State of New York. The Revitalization Act presents the first significant changes in 40 years to the New York Not-for-Profit Corporation Law (the “NPCL”). The changes focus on corporate governance reforms as well as updates to certain procedural rules. Most of the Revitalization Act’s provisions will go into effect on July 1, 2014.