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Showing posts with label Consolidation. Show all posts
Showing posts with label Consolidation. Show all posts

Thursday, August 05, 2021

New NYS Law Changes Voting Requirements for Nonprofits Consolidation, Mergers, & Dissolution

A new NYS law is about to make it much harder for a nonprofit to consolidate, merge, or dissolve. 


Previously, only a simple majority vote was required, but effective 10/31/2021, S3265 will require a two-thirds vote.


Clearly, this new legislation will make it much harder for not-for-profit corporations to consolidate, merge, or dissolve.


Do you agree that nonprofits should have to go through a bigger hurdle to dissolve?