Prohibits non-physician organizations from holding majority shares or serving as directors in professional corporations practicing medicine.

New York S08442 amends the not-for-profit corporation law, business corporation law, and public health law to ensure that professional corporations organized for practicing medicine are led by licensed physicians. The bill mandates that physicians licensed in New York hold a majority of each class of shares entitled to vote, be a majority of the directors, and occupy all officer positions except the secretary and treasurer. It also prohibits non-physician organizations from holding majority shares or serving as directors.

Prohibits non-physician organizations from holding majority shares or serving as directors in professional corporations practicing medicine.

New York S08442 amends the not-for-profit corporation law, business corporation law, and public health law to ensure that professional corporations organized for practicing medicine are led by licensed physicians. The bill mandates that physicians licensed in New York hold a majority of each class of shares entitled to vote, be a majority of the directors, and occupy all officer positions except the secretary and treasurer. It also prohibits non-physician organizations from holding majority shares or serving as directors.