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Assembly Bill A373

2009-2010 Legislative Session

Prohibits revenue payment to officer or director of a public utility company contingent upon a change in control

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Archive: Last Bill Status - In Assembly Committee

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2009-A373 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Service Law
Laws Affected:
Add ยง107-a, Pub Serv L
Versions Introduced in Other Legislative Sessions:
2011-2012: A2799
2013-2014: A3782

2009-A373 (ACTIVE) - Summary

Prohibits public utility company revenues from being paid to any officer or director contingent upon a change in control (merger, acquisition, etc.) of such public utility; requires severance pay to be fully deductible as a business expense for federal tax purposes.

2009-A373 (ACTIVE) - Bill Text download pdf 

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

                                   373

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by M. of A. JACOBS, BRENNAN -- Multi-Sponsored by -- M. of A.
  COLTON,  DINOWITZ, ENGLEBRIGHT, GALEF, GOTTFRIED, HOOPER, JOHN, McENE-
  NY, 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02190-01-9

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