Plan of dissolution
- Statute:
- New York §1002 · Law NPC (Not-for-Profit Corporation Law)
- Topic:
- Governance & Powers · Plan of dissolution
- Applies to:
- Nonprofit associations
The plan of dissolution must describe how liabilities will be paid and how remaining assets will be distributed consistent with the certificate and any restrictions on the assets.
📄 Read the official text at nysenate.gov →
How SoShiny helps with Plan of dissolution
SoShiny stores your bylaws and governing documents in a searchable library with role-based access, so the board sees one thing and members see another. Every edit is timestamped in the audit log — the documentation Florida regulators and a court expect when a board action is later questioned.
See the feature → Start freeFrequently asked
- What does New York §1002 require?
- The plan of dissolution must describe how liabilities will be paid and how remaining assets will be distributed consistent with the certificate and any restrictions on the assets.
- Who does New York §1002 apply to?
- New York §1002 applies to Nonprofit associations in New York.
- What happens if our co-op or condo doesn't comply with §1002?
- Non-compliance with this New York statute can expose the association and its officers to private civil suit, and (for offering-plan / sponsor matters under GBS) to enforcement action by the New York Attorney General's Real Estate Finance Bureau. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New York §1002?
- The official text is published by the New York State Legislature at nysenate.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Plan of dissolution?
- SoShiny stores your bylaws and governing documents in a searchable library with role-based access, so the board sees one thing and members see another. Every edit is timestamped in the audit log — the documentation Florida regulators and a court expect when a board action is later questioned. Learn more →
Not legal advice. This page is a plain-English summary of New York §1002 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New York-licensed attorney. For the official statutory text, see the link above.
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