Legal basis
Compiled source label: current through Apr 15, 2022
Register checked through July 8, 2026/Vol. XLVIII, Issue 27 (2026-07-08) - no later Register activity found for this section
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- Compiled source current through
- Apr 15, 2022
- Register checked through
- July 8, 2026/Vol. XLVIII, Issue 27 (2026-07-08)
- Register activity status
- no later Register activity found
- LawEngine source snapshot
- Jun 6, 2026
(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.