|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 23, 2011||signed chap.550|
|Sep 12, 2011||delivered to governor|
|Jun 06, 2011||returned to senate|
ordered to third reading rules cal.49
substituted for a4581
|Mar 10, 2011||referred to higher education|
delivered to assembly
|Mar 07, 2011||advanced to third reading|
|Mar 03, 2011||2nd report cal.|
|Mar 02, 2011||1st report cal.150|
|Feb 04, 2011||referred to corporations, authorities and commissions|
senate Bill S2987Signed By Governor
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S2987 - Details
S2987 - Summary
Permits the incorporation of design professional service corporations (engineering, architecture, landscape architecture, land surveying, or any combination thereof) in which non-professionals may own a non-majority (less than 25 percent) of shares and hold less than 25 percent of director and officer positions; requires disclosures of identities and status of shareholders, officers, and directors.
S2987 - Sponsor Memo
BILL NUMBER:S2987 TITLE OF BILL: An act to amend the business corporation law and the education law, in relation to design professional service corporations PURPOSE: This bill authorizes a new type of professional service corporation to be known as a design professional service corporation. Under current law, professional service corporations in New York restrict ownership to design professionals licensed pursuant to education law. Specifically, these professions include professional engineering, architecture, landscape architecture and land surveying. The bill will permit design firms the flexibility of offering an ownership interest in the corporation to non-licensees via the design professional service corporation. This legislation also requires that greater than 75% of the directors and officers must be licensed design professionals and the largest single shareholder must be a design professional. The president, chief executive officer and the chair of the board of directors also must be design professionals. The super majority ownership and management requirements are intended to insure that professional considerations predominate the corporate decision-making processes.
S2987 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 2987 A. 4581 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y February 4, 2011 ___________ IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions IN ASSEMBLY -- Introduced by M. of A. CANESTRARI, ENGLEBRIGHT, CALHOUN, CUSICK, JAFFEE -- Multi-Sponsored by -- M. of A. ABBATE, COOK, MAGEE, MAGNARELLI, MARKEY, McENENY, MORELLE, PRETLOW, TOBACCO -- read once and referred to the Committee on Higher Education AN ACT to amend the business corporation law and the education law, in relation to design professional service corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1501 of the business corporation law, as added by chapter 974 of the laws of 1970, is amended to read as follows: S 1501. Definitions. As used in this article, unless the context otherwise requires, the term: (a) "licensing authority" means the regents of the university of the state of New York or the state education department, as the case may be, in the case of all professions licensed under title eight of the education law, and the appropriate appellate division of the supreme court in the case of the profession of law. (b) "Profession" includes any practice as an attorney and counselor- at-law, or as a licensed physician, and those occupations designated in title eight of the education law. (c) "Professional service" means any type of service to the public which may be lawfully rendered by a member of a profession within the purview of his profession. (d) "Professional service corporation" means a corporation organized under this article. (e) "DESIGN PROFESSIONAL SERVICE CORPORATION" MEANS A CORPORATION ORGANIZED UNDER THIS ARTICLE PRACTICING PROFESSIONAL ENGINEERING, ARCHI- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06069-01-1
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