Nonexclusivity of statutory provisions for indemnification of directors and officers
- Statute:
- New York §721 · Law NPC (Not-for-Profit Corporation Law)
- Topic:
- Officers & Directors · Indemnification
- Applies to:
- Nonprofit associations
The statutory indemnification provisions do not exclude additional indemnification rights provided by the certificate, bylaws, or agreement.
📄 Read the official text at nysenate.gov →
How SoShiny helps with Nonexclusivity of statutory provisions for indemnification of directors and officers
SoShiny keeps your board roster, officer titles (President, VP, Secretary, Treasurer, Director), and election history current in one place — so the statutory requirement to identify directors and officers is always one click away.
See the feature → Start freeFrequently asked
- What does New York §721 require?
- The statutory indemnification provisions do not exclude additional indemnification rights provided by the certificate, bylaws, or agreement.
- Who does New York §721 apply to?
- New York §721 applies to Nonprofit associations in New York.
- What happens if our co-op or condo doesn't comply with §721?
- 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 §721?
- 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 Nonexclusivity of statutory provisions for indemnification of directors and officers?
- SoShiny keeps your board roster, officer titles (President, VP, Secretary, Treasurer, Director), and election history current in one place — so the statutory requirement to identify directors and officers is always one click away. Learn more →
Not legal advice. This page is a plain-English summary of New York §721 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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