A word about the 1998 New York Business Corporation Law revisions.

Jul 14, 2021

Law Offices of John Kiritsis, Esq. Phone: 212-922-0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

Prior to briefly going through the 1998 revisions, it may be worth noting that the New York Business Corporation Law (BCL), would generally be the major and overarching statutory regime, with regards to governance of the internal affairs of New York business corporations.  It may be worth noting, that the applicable laws, rules, regulations and common-law precedence, as far as, New York corporate governance is concerned, may be in a state of being in perpetually subject to change.

 

The Business Corporation Law was substantially revised effective February 22, 1998.  Following the 1998 revision, the statutory BCL framework, now includes some provisions which are different for corporations depending on whether they were in existence on February 22, 1998, or formed after that date.

 

Unlike relatively perceived business friendly states, such as Delaware – New York has taken an approach to rarely revise the core statutory provisions, but constantly change its underlying regulations, and leave it to its judicial system to sort out any legal issues, which are bound to arise.

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