NYCON is proud to have many arts, cultural and museum institutions among our members. Recently we were asked if there were exceptions to the new Nonprofit Corporation Law (NPRA) for Chartered Organizations, such as museums.
Michael West, Esq., NYCON's Senior Legal Advisor Responds:
"NPRA obligations are binding not only on Not-for-Profit Corporations, but charted educational institutions, in virtually all instances. There are a limited number of exceptions, but none are material with respect to governance--most relate to structural issues (formation, merger/consolidation and dissolution) or property transfers (including those application to collections). And, there certainly aren't specific carve-outs for museums. If you have a 501(c)(3), the NPRA, basically, applies to you."
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