S T A T E O F N E W Y O R K
________________________________________________________________________
1336
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. WRIGHT -- read once and referred to the Committee
on Corporations, Authorities and Commissions
AN ACT to amend the public service law, in relation to the information
included in the annual reports submitted by public utilities
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 111 of the public service law, as added by chapter
761 of the laws of 1930 and the opening paragraph of subdivision 1 as
amended by chapter 855 of the laws of 1945, is amended to read as
follows:
S 111. Additional information in annual reports; disclosure of stock-
holdings. 1. Every PUBLIC UTILITY COMPANY SHALL STATE IN ITS annual
report [of any utility corporation reporting under this chapter to the
public service commission shall contain, in addition to any other infor-
mation required to be included by or pursuant to law, the following
information:
a. It shall state] the name and address of, and the number of shares
held by, each holder of [one] TEN per centum or more of [the] ITS voting
capital [of the reporting corporation, according to] STOCK AS SET FORTH
IN its records.
[b. Where one] IN THE EVENT THAT A TRUSTEE, OTHER INTERMEDIATE AGENCY,
OR ANOTHER CORPORATION HOLDS TEN per centum or more of the voting capi-
tal stock [of the reporting corporation is held by a trustee or trus-
tees, or other intermediate agency,] for the beneficial interest of an
owner [or owners,] other than the holder of record[, or where one per
centum or more of the voting capital stock of the reporting corporation
is held by another corporation], such PUBLIC UTILITY COMPANY SHALL STATE
IN ITS annual report [shall state], if the information is available from
[the] ITS records [of the reporting corporation], the names [and],
addresses and respective interests of such beneficial owners[, and the
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00161-01-9
A. 1336 2
names and addresses of the officers and directors of any such other
corporation and the total number of shares of capital stock thereof held
by each, showing separately the number of shares of the voting capital
stock, and the names and addresses and respective stockholdings of every
stockholder of such other corporation holding one per centum or more of
its voting capital stock. Such report shall be accompanied by a certi-
fied copy of each trust agreement or other instrument under which any
voting capital stock of the reporting corporation is held].
2. [Where] IN THE EVENT THAT the information specified in [paragraph
"b" of the foregoing] subdivision ONE OF THIS SECTION is not available
from the records of the [reporting corporation,] PUBLIC UTILITY COMPANY,
THE COMMISSION MAY REQUIRE any [such] holder[,] of record[,] of [one]
TEN per centum or more of the voting capital stock of the [reporting
corporation, if ordered so to do by the commission, shall] COMPANY TO
file [with the commission,] a sworn statement, in such form and [to be
filed] within such time as the commission shall prescribe, setting forth
whether or not any of such stock [held by him or it] is [so] held for
the beneficial ownership of any person, firm or corporation other than
the record holder thereof[,] and[, if stated to be so held,] the names,
addresses and respective interests of such beneficial owners. [If such
stockholder is a trustee, he or it also shall file with such statement a
certified copy of the trust agreement or other instrument under which
such stock is held. A corporation which is the holder, of record, of one
per centum or more of the voting capital stock of the reporting corpo-
ration, if ordered so to do by the commission, and regardless of whether
the information is or is not available or apparently available from the
records of the reporting corporation, also shall file with the commis-
sion a sworn statement, in such form and to be filed within such time as
the commission shall prescribe, or shall include in the sworn statement,
if any, required to be filed by it pursuant to other provisions of this
subdivision a statement setting forth the names and addresses of its
officers and directors and the total number of shares of its capital
stock, held by each, showing separately the number of shares of the
voting capital stock, and the names and addresses and respective stock-
holdings of every stockholder thereof holding one per centum or more of
its voting capital stock.]
3. If the annual report[,] or [the] SUCH sworn statements [provided
for in subdivision two,] do not furnish the information desired, because
of any chain of successive ownership or of stockholdings, [or because
of] any intermediate agency [or agencies, or for] OR any other reason,
the commission[, by order,] may require [similar] SUCH sworn statements
from any person or corporation who or which can give the necessary
information[, as the commission may have discovered from its investi-
gations, to the end that the commission may] IN ORDER TO obtain a
complete disclosure of the [natural] persons, firms or corporations, and
their respective interests, who or which own or control directly or
indirectly [one] TEN per centum or more of the voting capital stock of
[the reporting corporation] A PUBLIC UTILITY COMPANY.
S 2. This act shall take effect immediately.