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An ordinary corporation may change to a benefit corporation merely by stating in its approved corporate bylaws that it is a benefit corporation. [ 2 ] A company chooses to become a benefit corporation in order to operate as a traditional for-profit business while simultaneously addressing social, economic, and/or environmental needs. [ 3 ]
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
The New York Business Corporation Law is the primary corporation statute in the State of New York. It is an influential model in U.S. corporate law. It is chapter 4 of the Consolidated Laws of New York, originally enacted as chapter 567 of the Laws of 1890.
The New York Stock Exchange (headquarters pictured) is the major center for listing and trading shares in United States. Most corporations are, however, incorporated under the influential Delaware General Corporation Law. United States corporate law regulates the governance, finance and power of corporations in US law.
Best known is the MAC created for New York City during the 1975 New York City fiscal crisis. The corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley. [1] The majority of appointees to the corporation’s board were made by the Governor, initially ...
The New York State Authorities Budget Office (ABO) is an independent office in the state of New York established by the Public Authorities Accountability Act of 2005 and signed into law by Governor Pataki in 2006. [1] In 2009, the ABO was restructured as part of the Public Authorities Reform Act. [2]
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The New York State Urban Development Corporation (UDC) was created in 1968 by the New York State Urban Development Corporation Act. [1] [7] On August 31, 1987, the Omnibus Economic Development Act created the state Department of Economic Development (DED). [7]