Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to corporations, authorities and commissions |
Jan 29, 2013 |
referred to corporations, authorities and commissions |
Assembly Bill A3782
2013-2014 Legislative Session
Sponsored By
JACOBS
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
James F. Brennan
multi-Sponsors
William Colton
Jeffrey Dinowitz
Steven Englebright
Sandy Galef
2013-A3782 (ACTIVE) - Details
2013-A3782 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3782 2013-2014 Regular Sessions I N A S S E M B L Y January 29, 2013 ___________ Introduced by M. of A. JACOBS, BRENNAN -- Multi-Sponsored by -- M. of A. COLTON, DINOWITZ, ENGLEBRIGHT, GALEF, GOTTFRIED, HOOPER, WEINSTEIN, WEISENBERG -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public service law, in relation to the use of reven- ues by public utilities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The public service law is amended by adding a new section 107-a to read as follows: S 107-A. USE OF REVENUES BY PUBLIC UTILITY COMPANIES. 1. NO PUBLIC UTILITY COMPANY SHALL USE REVENUES RECEIVED FROM THE RENDITION OF PUBLIC SERVICE WITHIN THE STATE TO ENTER INTO OR AMEND, DIRECTLY OR INDIRECTLY, ANY AGREEMENT CONTAINING PROVISIONS WHICH INCREASE, DIRECTLY OR INDI- RECTLY, THE CURRENT OR FUTURE COMPENSATION OF ANY OFFICER OR DIRECTOR OF SUCH PUBLIC UTILITY COMPANY, WHERE THE EFFECTUATION OF SUCH AGREEMENT IS CONTINGENT UPON A CHANGE IN CONTROL OF SUCH PUBLIC UTILITY COMPANY OR UPON THE EXISTENCE OF ANY TENDER OFFER OR REQUEST OR INVITATION FOR TENDERS OF ANY CLASS OR SERIES OF SHARES OF SUCH PUBLIC UTILITY COMPANY. 2. FOR PURPOSES OF THIS SECTION, "CHANGE IN CONTROL" MEANS (A) ANY MERGER OR CONSOLIDATION OF A PUBLIC UTILITY COMPANY WITH ANY OTHER CORPORATE ENTITY; (B) ANY TRANSFER OF A SUBSTANTIAL PORTION OF THE ASSETS OF A PUBLIC UTILITY COMPANY WITHOUT THE APPROVAL OF A MAJORITY OF THE BOARD OF DIRECTORS OF SUCH UTILITY; (C) ACQUISITION BY ANY PERSON OR ENTITY OF MORE THAN TWENTY-FIVE PER CENTUM OF THE VOTING SECURITIES OF A PUBLIC UTILITY COMPANY; (D) APPOINTMENT OF A RECEIVER FOR A PUBLIC UTIL- ITY COMPANY; OR (E) A CHANGE IN THE COMPOSITION OF THE BOARD OF DIREC- TORS OF A PUBLIC UTILITY COMPANY WHICH REMOVES THE CURRENT DIRECTORS FROM A MAJORITY. 3. IN NO EVENT SHALL THE CONSENT AND APPROVAL OF THE PUBLIC SERVICE COMMISSION BE GRANTED FOR ANY AGREEMENT FOR SEVERANCE COMPENSATION OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03135-01-3
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.