New York S05160 amends the not-for-profit corporation law to ensure indemnification for directors, officers, and key persons.

New York S05160 amends the not-for-profit corporation law to ensure the survival of indemnification rights in case of a merger or consolidation. It provides that once a right to indemnification arises, it continues to benefit a former director, officer, or key person's heirs and estate. The bill repeals sections 721, 722, and 723 of the not-for-profit corporation law and adds a new section 721. It also amends sections 724 and 725, renumbering them to 722 and 723, respectively.

New York S05160 amends the not-for-profit corporation law to ensure indemnification for directors, officers, and key persons.

New York S05160 amends the not-for-profit corporation law to ensure the survival of indemnification rights in case of a merger or consolidation. It provides that once a right to indemnification arises, it continues to benefit a former director, officer, or key person's heirs and estate. The bill repeals sections 721, 722, and 723 of the not-for-profit corporation law and adds a new section 721. It also amends sections 724 and 725, renumbering them to 722 and 723, respectively.