Actions against directors, officers and key persons
- Statute:
- New York §720 · Law NPC (Not-for-Profit Corporation Law)
- Topic:
- Dispute Resolution · Actions
- Applies to:
- Nonprofit associations
Actions against directors, officers, and key persons may be brought by the corporation, a member, the attorney general, or a creditor in specified circumstances.
📄 Read the official text at nysenate.gov →
How SoShiny helps with Actions against directors, officers and key persons
SoShiny logs every member complaint, compliment, or formal grievance with an audit trail — submitter, date, response, resolution. Anonymous filing optional. The documentation that pre-suit mediation and arbitration require is captured by default.
See the feature → Start freeFrequently asked
- What does New York §720 require?
- Actions against directors, officers, and key persons may be brought by the corporation, a member, the attorney general, or a creditor in specified circumstances.
- Who does New York §720 apply to?
- New York §720 applies to Nonprofit associations in New York.
- What happens if our co-op or condo doesn't comply with §720?
- 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 §720?
- 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 Actions against directors, officers and key persons?
- SoShiny logs every member complaint, compliment, or formal grievance with an audit trail — submitter, date, response, resolution. Anonymous filing optional. The documentation that pre-suit mediation and arbitration require is captured by default. Learn more →
Not legal advice. This page is a plain-English summary of New York §720 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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