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* § 715-b. Whistleblower policy.

  (a)  Except  as  provided  in  paragraph  (c)  of  this section, every    
corporation that has twenty or more employees and in the prior fiscal
year had annual revenue in excess of one million dollars shall adopt a
whistleblower policy to protect from retaliation persons who report
suspected improper conduct. Such policy shall provide that no director,
officer, employee or volunteer of a corporation who in good faith
reports any action or suspected action taken by or within the
corporation that is illegal, fraudulent or in violation of any adopted
policy of the corporation shall suffer intimidation, harassment,
discrimination or other retaliation or, in the case of employees,
adverse employment consequence.
(b) The whistleblower policy shall include the following provisions:
(1) Procedures for the reporting of violations or suspected violations
of laws or corporate policies, including procedures for preserving the
confidentiality of reported information;
(2) A requirement that an employee, officer or director of the
corporation be designated to administer the whistleblower policy and to
report to the audit committee or other committee of independent
directors or, if there are no such committees, to the board; and
(3) A requirement that a copy of the policy be distributed to all
directors, officers, employees and to volunteers who provide substantial
services to the corporation.
(c) A corporation that has adopted and possesses a whistleblower
policy pursuant to federal, state or local laws that is substantially
consistent with the provisions of paragraph (b) of this section shall be
deemed in compliance with provisions of this section. In addition, any
corporation that is a state authority or local authority as defined in
section two of the public authorities law, and that has complied
substantially with section twenty-eight hundred twenty-four of such law
and is subject to the provisions of section twenty-eight hundred
fifty-seven of such law, shall be deemed in compliance with the
provisions of this section.
(d) Nothing in this section shall be interpreted to relieve any
corporation from any additional requirements in relation to internal
compliance, retaliation, or document retention required by any other law
or rule.
* NB Effective July 1, 2014

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