Senate Bill S6379A

Signed By Governor
2015-2016 Legislative Session

Relates to the applicability of provisions relating to liability of shareholders for wages due to laborers, servants or employers for certain foreign corporations

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Archive: Last Bill Status - Signed by Governor


  • 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

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Bill Amendments

2015-S6379 - Details

See Assembly Version of this Bill:
A9175
Law Section:
Business Corporation Law
Laws Affected:
Amd §§630 & 1319, BC L

2015-S6379 - Summary

Relates to liability of shareholders for wages due to laborers, servants or employees for certain foreign corporations.

2015-S6379 - Sponsor Memo

2015-S6379 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6379

                            I N  S E N A T E

                             January 8, 2016
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the business corporation law, in relation to the  appli-
  cability of provisions relating to liability of shareholders for wages
  due  to  laborers,  servants  or  employees for certain foreign corpo-
  rations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  (a) of section 630 of the business corporation
law, as amended by chapter 421 of the laws of 2015, is amended  to  read
as follows:
  (a)  The  ten largest shareholders, as determined by the fair value of
their beneficial interest as of the beginning of the period during which
the unpaid services referred to in this section are performed, of  every
domestic  corporation  [(other  than an investment company registered as
such under an act  of  congress  entitled  "Investment  Company  Act  of
1940"),]  or  of  any foreign corporation, when the unpaid services were
performed in the state, no shares of which  are  listed  on  a  national
securities exchange or regularly quoted in an over-the-counter market by
one  or  more  members of a national or an affiliated securities associ-
ation, shall jointly and severally be personally liable for  all  debts,
wages  or  salaries  due  and  owing to any of its laborers, servants or
employees other than contractors, for services  performed  by  them  for
such  corporation. Before such laborer, servant or employee shall charge
such shareholder for such services, he shall give notice in  writing  to
such  shareholder that he intends to hold him liable under this section.
Such notice shall be given within one  hundred  and  eighty  days  after
termination  of  such  services, except that if, within such period, the
laborer, servant or employee demands an examination  of  the  record  of
shareholders  under  paragraph  (b)  of  section 624 (Books and records;
right of inspection, prima facie evidence) of this article, such  notice
may  be  given within sixty days after he has been given the opportunity
to examine the record of  shareholders.    An  action  to  enforce  such
liability  shall  be commenced within ninety days after the return of an

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

2015-S6379A (ACTIVE) - Details

See Assembly Version of this Bill:
A9175
Law Section:
Business Corporation Law
Laws Affected:
Amd §§630 & 1319, BC L

2015-S6379A (ACTIVE) - Summary

Relates to liability of shareholders for wages due to laborers, servants or employees for certain foreign corporations.

2015-S6379A (ACTIVE) - Sponsor Memo

2015-S6379A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6379--A
    Cal. No. 10

                            I N  S E N A T E

                             January 8, 2016
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules -- reported  favora-
  bly  from said committee, ordered to a third reading, passed by Senate
  and delivered to the Assembly, recalled, vote  reconsidered,  restored
  to  third  reading, amended and ordered reprinted, retaining its place
  in the order of third reading

AN ACT to amend the business corporation law, in relation to the  appli-
  cability of provisions relating to liability of shareholders for wages
  due  to  laborers,  servants  or  employees for certain foreign corpo-
  rations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  (a) of section 630 of the business corporation
law, as amended by a chapter of the laws of 2015, amending the  business
corporation  law relating to the applicability of provisions relating to
liability of shareholders for wages due to laborers, servants or employ-
ees for certain foreign corporations, as proposed in  legislative  bills
numbers S.4476 and A.737, is amended to read as follows:
  (a)  The  ten largest shareholders, as determined by the fair value of
their beneficial interest as of the beginning of the period during which
the unpaid services referred to in this section are performed, of  every
domestic  corporation  [(other  than an investment company registered as
such under an act  of  congress  entitled  "Investment  Company  Act  of
1940"),]  or  of  any foreign corporation, when the unpaid services were
performed in the state, no shares of which  are  listed  on  a  national
securities exchange or regularly quoted in an over-the-counter market by
one  or  more  members of a national or an affiliated securities associ-
ation, shall jointly and severally be personally liable for  all  debts,
wages  or  salaries  due  and  owing to any of its laborers, servants or
employees other than contractors, for services  performed  by  them  for
such  corporation. Before such laborer, servant or employee shall charge
such shareholder for such services, he shall give notice in  writing  to
such  shareholder that he intends to hold him liable under this section.
Such notice shall be given within one  hundred  and  eighty  days  after

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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