Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 02, 2010 |
print number 11072a |
Jun 02, 2010 |
amend and recommit to judiciary |
May 13, 2010 |
referred to judiciary |
Assembly Bill A11072
2009-2010 Legislative Session
Sponsored By
TOWNS
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
Bill Amendments
2009-A11072 - Details
- Current Committee:
- Assembly Judiciary
- Law Section:
- General Business Law
- Laws Affected:
- Amd §§359-c, 359-e & 359-f, Gen Bus L
- Versions Introduced in 2011-2012 Legislative Session:
-
A5855
2009-A11072 - Sponsor Memo
BILL NUMBER:A11072 TITLE OF BILL: An act to amend the general business law, in relation to the further state notice filing requirement Purpose or General Idea of Bill: The New York General Business Law (the "General Business Law") requires any dealer to file a further state notice before it can sell or offer for sale to the public within this state as principal or agent any securities not otherwise exempted from the further state notice filing requirement. Among the exemptions provided from the requirement to file a further state notice is an exemption for securities issued or guaranteed by a foreign government with which the United State is at the time of the sale or offer for sale thereof maintaining diplomatic relations, or by any province or political subdivision of such a government (the "sovereign issuer exemption"): This bill will amend the General Business Law to exclude from the sovereign issuer exemption any securities issued (1) a foreign state that (i) has had one or more final judgments in an aggregate amount exceeding $100,000,000 entered against it by any state or federal court located in New York, including any final judgment originally issued in a foreign court that is filed or registered in New York; (ii) fails to satisfy any such judgment for a period of more than 2 years after it becomes effective; and (iii) is not a foreign state eligible for (a) financing through the International Development
2009-A11072 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 11072 I N A S S E M B L Y May 13, 2010 ___________ Introduced by M. of A. TOWNS -- read once and referred to the Committee on Judiciary AN ACT to amend the general business law, in relation to the further state notice filing requirement THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 359-c of the general business law, as amended by chapter 166 of the laws of 1991, is amended to read as follows: 2. The department of state shall collect a fee of seventy-five dollars for filing and publishing each state notice and each further state notice, EXCEPT THAT, IN THE CASE OF A FURTHER STATE NOTICE FILED BY A DEBT EVADING FOREIGN STATE OR A STATE-OWNED CORPORATION OF A DEBT EVAD- ING FOREIGN STATE, THE DEPARTMENT OF STATE SHALL COLLECT A FEE FOR FILING AND PUBLISHING EACH SUCH FURTHER STATE NOTICE IN AN AMOUNT EQUAL TO THE GREATER OF FIFTEEN MILLION DOLLARS OR ONE AND A HALF PERCENT OF THE AGGREGATE OFFERING AMOUNT OR, IN THE CASE OF DEBT SECURITIES, THE AGGREGATE PRINCIPAL AMOUNT, OF (A) IN THE CASE OF AN OFFERING PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE UNITED STATES SECURI- TIES ACT OF 1933, ALL SECURITIES COVERED BY SUCH REGISTRATION STATEMENT, OR (B) IN THE CASE OF ANY OTHER OFFERING, ALL SECURITIES OFFERED BY SUCH DEBT EVADING FOREIGN STATE OR STATE-OWNED CORPORATION OF A DEBT EVADING FOREIGN STATE (WHETHER IN NEW YORK OR IN ANY OTHER STATE) AS PART OF THE SAME OFFERING AND IN ANY RELATED OFFERING. S 2. Section 359-c of the general business law is amended by adding a new subdivision 3 to read as follows: 3. THE FOLLOWING TERMS, WHENEVER USED OR REFERRED TO IN THIS ARTICLE, SHALL HAVE THE FOLLOWING MEANING UNLESS A DIFFERENT MEANING CLEARLY APPEARS FROM THE CONTEXT: (A) "AGENCY OR INSTRUMENTALITY OF A FOREIGN STATE" SHALL MEAN ANY ENTITY: (1) WHICH IS A SEPARATE LEGAL PERSON, CORPORATE OR OTHERWISE, AND (2) WHICH IS AN ORGAN OF A FOREIGN STATE OR A PROVINCE OR POLITICAL SUBDIVISION THEREOF, OR A MAJORITY OF WHOSE SHARES OR OTHER OWNERSHIP EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2009-A11072A (ACTIVE) - Details
- Current Committee:
- Assembly Judiciary
- Law Section:
- General Business Law
- Laws Affected:
- Amd §§359-c, 359-e & 359-f, Gen Bus L
- Versions Introduced in 2011-2012 Legislative Session:
-
A5855
2009-A11072A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 11072--A I N A S S E M B L Y May 13, 2010 ___________ Introduced by M. of A. TOWNS -- read once and referred to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the general business law, in relation to the further state notice filing requirement THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 359-c of the general business law, as amended by chapter 166 of the laws of 1991, is amended to read as follows: 2. The department of state shall collect a fee of seventy-five dollars for filing and publishing each state notice and each further state notice, EXCEPT THAT, IN THE CASE OF A FURTHER STATE NOTICE FILED BY A DEBT EVADING FOREIGN STATE OR A STATE-OWNED CORPORATION OF A DEBT EVAD- ING FOREIGN STATE, THE DEPARTMENT OF STATE SHALL COLLECT A FEE FOR FILING AND PUBLISHING EACH SUCH FURTHER STATE NOTICE IN AN AMOUNT EQUAL TO THE GREATER OF FIFTEEN MILLION DOLLARS OR ONE AND A HALF PERCENT OF THE AGGREGATE OFFERING AMOUNT OR, IN THE CASE OF DEBT SECURITIES, THE AGGREGATE PRINCIPAL AMOUNT, OF (A) IN THE CASE OF AN OFFERING PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE UNITED STATES SECURI- TIES ACT OF 1933, ALL SECURITIES COVERED BY SUCH REGISTRATION STATEMENT, OR (B) IN THE CASE OF ANY OTHER OFFERING, ALL SECURITIES OFFERED BY SUCH DEBT EVADING FOREIGN STATE OR STATE-OWNED CORPORATION OF A DEBT EVADING FOREIGN STATE (WHETHER IN NEW YORK OR IN ANY OTHER STATE) AS PART OF THE SAME OFFERING AND IN ANY RELATED OFFERING. S 2. Section 359-c of the general business law is amended by adding a new subdivision 3 to read as follows: 3. THE FOLLOWING TERMS, WHENEVER USED OR REFERRED TO IN THIS ARTICLE, SHALL HAVE THE FOLLOWING MEANING UNLESS A DIFFERENT MEANING CLEARLY APPEARS FROM THE CONTEXT: (A) "AGENCY OR INSTRUMENTALITY OF A FOREIGN STATE" SHALL MEAN ANY ENTITY: (1) WHICH IS A SEPARATE LEGAL PERSON, CORPORATE OR OTHERWISE, AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD17217-06-0
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