H517 - Modify Nonprofit Corp. Act/Charitable Org. (SL 2026-52)
Session Year 2024
Overview: Part IV of S.L. 2026-52 (House Bill 517) requires the board of directors of a private foundation to be made up of one or more natural persons. Additionally, with the exception of private foundations, this Part expands the minimum number of natural persons required to be on a board of directors for a nonprofit corporation from one to three. A board of directors could still lawfully have fewer than three members due to a vacancy until the vacancies are filled.
This Part becomes effective October 1, 2026, and applies to corporations organized on or after that date.
Additional Information: