Assembly Bill A3464

2011-2012 Legislative Session

Creates the seed-NY investment fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken

  • 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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2011-A3464 (ACTIVE) - Details

See Senate Version of this Bill:
S1864
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §44, UDC Act; add §3154-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9406, S6887
2013-2014: S1750

2011-A3464 (ACTIVE) - Summary

Creates the Seed-NY investment fund; authorizes the transfer of all assets and liabilities of the small business technology investment fund for the Seed-NY investment fund.

2011-A3464 (ACTIVE) - Bill Text download pdf 

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

                                  3464

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2011
                               ___________

Introduced  by  M.  of  A. GABRYSZAK, LUPARDO, SCHROEDER, SCHIMMINGER --
  Multi-Sponsored by -- M.  of A. MORELLE -- read once and  referred  to
  the Committee on Economic Development

AN ACT to amend the New York state urban development corporation act and
  the  public  authorities  law,  in  relation  to  creating the seed-NY
  investment fund

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

  Section  1. Section 1 of chapter 174 of the laws of 1968, constituting
the New York state urban development  corporation  act,  is  amended  by
adding a new section 44 to read as follows:
  S  44.   THE SEED-NY INVESTMENT FUND. 1. DEFINITIONS. FOR THE PURPOSES
OF THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE  FOLLOWING
MEANINGS  UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT MEANING
OR INTENT:
  (A) "REGIONAL INVESTMENT  FUND"  SHALL  MEAN  A  LIMITED  PARTNERSHIP,
LIMITED   LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR  A
NOT-FOR-PROFIT FUND UNDER EXPERIENCED PROFESSIONAL  MANAGEMENT  THAT  IS
FAMILIAR  WITH  SEED  CAPITAL INVESTMENT, APPROPRIATE BUSINESS PRACTICES
AND TECHNOLOGY-ORIENTED  PRODUCTS  AND  SERVICES,  AND  FORMED  FOR  THE
PURPOSE  OF  PROVIDING  PRIVATE  EQUITY TO TECHNOLOGY-BASED COMPANIES IN
THEIR FORMATIVE STAGES, ENCOMPASSES AT LEAST TWO COUNTIES,  AND  INVESTS
IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN:
  (I)  A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS PRIN-
CIPAL PLACE OF BUSINESS IN NEW YORK STATE, THAT IS, OR PROPOSES  TO  BE,
ENGAGED  IN  THIS  STATE  IN RESEARCH AND DEVELOPMENT OR HIGH TECHNOLOGY
MANUFACTURING, AND  THAT  DEMONSTRATES  THE  POTENTIAL  FOR  SUBSTANTIAL
GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD AS DEFINED IN
SECTION 3102-E OF THE PUBLIC AUTHORITIES LAW OR AS ADOPTED BY THE BOARD;
AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06200-01-1

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