19 CRR-NY 144.2NY-CRR
19 CRR-NY 144.2
19 CRR-NY 144.2
144.2 Legal basis.
(a) Section 91 of the Executive Law authorizes the Secretary of State to promulgate this Part subject to and in conformity with the provisions of the Constitution and Laws of the State.
(b) Section 508 of the Not-for-Profit Corporation Law provides that a corporation whose lawful activities involve among other things the charging of fees or prices for its services or products shall have the right to receive such income and, in doing so, may make an incidental profit. All such incidental profits shall be applied to the maintenance, expansion or operation of the lawful activities of the corporation, and in no case shall be divided or distributed in any manner whatsoever among the members, directors or officers of the corporation.
19 CRR-NY 144.2
Current through October 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.