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NY postpones provision in charities oversight law

ALBANY, N.Y. (AP) -- The Legislature and Gov. Andrew Cuomo have postponed for a year one of the provisions intended to help reform New York charities by prohibiting employees from serving as chairmen of their boards of directors.

The bill, signed this week, will postpone the effective date to Jan. 1, 2016.

In a memo, legislative sponsors say they require more time to study the impact of the restriction on nonprofits.

Attorney General Eric Schneiderman, whose office oversees the state's charities and nonprofits, and key legislators proposed it to ensure board independence.

Other provisions in the reform law passed last year require charities' boards to actively oversee financial audits and call for full disclosure of transactions between nonprofits and insiders who stand to benefit.
 
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