senate Bill S4690A

2011-2012 Legislative Session

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature

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Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 referred to corporations, authorities and commissions
delivered to assembly
passed senate
Jun 18, 2012 amended on third reading 4690a
Mar 21, 2012 advanced to third reading
Mar 20, 2012 2nd report cal.
Mar 19, 2012 1st report cal.374
Jan 04, 2012 referred to corporations, authorities and commissions
Jun 24, 2011 committed to rules
May 24, 2011 advanced to third reading
May 23, 2011 2nd report cal.
May 18, 2011 1st report cal.770
Apr 14, 2011 referred to corporations, authorities and commissions

Votes

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Mar 19, 2012 - Corporations, Authorities and Commissions committee Vote

S4690
5
0
committee
5
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 19, 2012

aye wr (1)

May 18, 2011 - Corporations, Authorities and Commissions committee Vote

S4690
4
1
committee
4
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 18, 2011

nay (1)
aye wr (1)

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S4690 - Details

See Assembly Version of this Bill:
A3228A
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd §2827-a, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S3919, A4298

S4690 - Summary

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature.

S4690 - Sponsor Memo

S4690 - Bill Text download pdf

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

                                  4690

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 14, 2011
                               ___________

Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT  to amend the public authorities law, in relation to prohibiting
  the formation of a subsidiary of  a  public  authority  without  prior
  permission of the legislature

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

  Section 1. The public authorities law  is  amended  by  adding  a  new
section 2829 to read as follows:
  S  2829.  SUBSIDIARIES  OF PUBLIC AUTHORITIES.  1. NOTWITHSTANDING ANY
OTHER PROVISION OF LAW TO THE CONTRARY, NO  PUBLIC  BENEFIT  CORPORATION
SHALL ESTABLISH A SUBSIDIARY CORPORATION WITHOUT STATUTORY CODIFICATION.
  2.  NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION ONE OF THIS SECTION,
ANY SUBSIDIARY OF A PUBLIC AUTHORITY DULY AND LAWFULLY FORMED  PRIOR  TO
THE  FIRST  DAY  OF  JULY,  TWO THOUSAND TWELVE, SHALL BE DEEMED TO BE A
PUBLIC AUTHORITY UNDER THE TERMS OF THIS  CHAPTER,  AND  NOTWITHSTANDING
ANY  OTHER PROVISION OF LAW TO THE CONTRARY, SHALL BE SUBJECT TO ALL THE
REQUIREMENTS, DUTIES AND RESPONSIBILITIES PROVIDED IN THIS CHAPTER.
  3. ON OR BEFORE THE THIRTY-FIRST DAY OF MARCH, TWO THOUSAND  THIRTEEN,
ANY  SUBSIDIARY  PUBLIC  BENEFIT  CORPORATION,  IN  COOPERATION WITH ITS
PARENT PUBLIC BENEFIT CORPORATION, SHALL PROVIDE  TO  THE  CHAIRMAN  AND
RANKING MINORITY MEMBER OF THE SENATE FINANCE COMMITTEE AND THE CHAIRMAN
AND  RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS AND MEANS COMMITTEE, A
REPORT ON THE SUBSIDIARY PUBLIC BENEFIT CORPORATION. SUCH  REPORT  SHALL
INCLUDE FOR EACH SUBSIDIARY:
  (A)  THE  COMPLETE  LEGAL NAME, ADDRESS AND CONTACT INFORMATION OF THE
SUBSIDIARY;
  (B) THE STRUCTURE OF THE ORGANIZATION OF THE SUBSIDIARY, INCLUDING THE
NAMES AND TITLES OF EACH OF ITS MEMBERS, DIRECTORS AND OFFICERS, AS WELL
AS A CHART OF ITS ORGANIZATIONAL STRUCTURE;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07376-01-1

Co-Sponsors

S4690A (ACTIVE) - Details

See Assembly Version of this Bill:
A3228A
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd §2827-a, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S3919, A4298

S4690A (ACTIVE) - Summary

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature.

S4690A (ACTIVE) - Sponsor Memo

S4690A (ACTIVE) - Bill Text download pdf

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

                                 4690--A
    Cal. No. 374

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 14, 2011
                               ___________

Introduced  by Sens. FLANAGAN, LARKIN -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Corporations,
  Authorities  and Commissions -- recommitted to the Committee on Corpo-
  rations, Authorities and Commissions in accordance with Senate Rule 6,
  sec. 8 -- reported favorably from said committee, ordered to first and
  second report,  ordered  to  a  third  reading,  amended  and  ordered
  reprinted, retaining its place in the order of third reading

AN  ACT  to amend the public authorities law, in relation to prohibiting
  the formation of a subsidiary of  a  public  authority  without  prior
  permission of the legislature

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

  Section 1. Subdivision 1 of section 2827-a of the  public  authorities
law,  as added by chapter 506 of the laws of 2009, is amended to read as
follows:
  1. Notwithstanding any law to the contrary, no state  authority  shall
hereafter  have  the power to organize any subsidiary corporation unless
the legislature shall have enacted a law granting such  state  authority
such  power  for  the organization of a specific corporation[, provided,
however, that a state authority may organize  a  subsidiary  corporation
pursuant to the following requirements:
  a. the purpose for which the subsidiary corporation shall be organized
shall  be  for  a  project or projects which the state authority has the
power to pursue pursuant to its corporate purposes;
  b. the primary reason for which the subsidiary  corporation  shall  be
organized  shall  be  to  limit  the  potential  liability impact of the
subsidiary's project or projects on the authority or  because  state  or
federal  law  requires  that  the  purpose of a subsidiary be undertaken
through a specific corporate structure; and
  c. the]. ANY subsidiary corporation shall make the reports  and  other
disclosures  as are required of state authorities, unless the subsidiary
corporation's operations and finances are consolidated with those of the
authority of which it is a subsidiary.
  S 2. This act shall take effect immediately.

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