New York Senate Bill S01564 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1564 2025-2026 Regular Sessions  IN SENATE January 10, 2025 ___________ Introduced by Sen. TEDISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT prohibiting the New York Department of State from issuing a certificate of dissolution and filing a judgment or final order of dissolution for the pension fund for employees of the former St. Clare's Hospital in the city of Schenectady, county of Schenectady, until an investigation and/or audit by the New York State Department of Health, the New York State Attorney General or the New York State Comptroller has been conducted to ascertain whether there was any impropriety in the handling and management of funds in such pension plan The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding the provisions of sections 1003 and 1109 of 2 the not-for-profit corporation law or any other provisions of article 10 3 or 11 of the not-for-profit corporation law, no petition for a certif- 4 icate of dissolution for the pension fund for employees of the former 5 St. Clare's Hospital in the city of Schenectady, county of Schenectady, 6 shall be issued by the New York Department of State and no judgment or 7 final order of dissolution by the Supreme Court shall be filed by the 8 New York Department of State unless and until a period of sixty days has 9 elapsed following the conclusion of an investigation and/or audit by the 10 New York State Department of Health, the New York State Attorney General 11 or the New York State Comptroller has been conducted to ascertain wheth- 12 er there was impropriety in the handling and management of funds in such 13 pension plan. 14 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01485-01-5