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Assembly Bill A5947

2011-2012 Legislative Session

Relates to funds of the state

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Archive: Last Bill Status - In Assembly Committee

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2011-A5947 (ACTIVE) - Details

See Senate Version of this Bill:
S2850
Current Committee:
Assembly Ways And Means
Law Section:
Public Authorities Law
Laws Affected:
Add ยง2891, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A11713, S8507
2013-2014: A2058, S2780
2015-2016: A5798, S2453
2017-2018: A1861, S2265
2019-2020: S4262
2021-2022: S4425
2023-2024: S5157
2025-2026: S3894

2011-A5947 (ACTIVE) - Summary

Relates to funds of the state; prohibits certain public authorities, commissions or public benefit corporations from depositing moneys in certain banking institutions.

2011-A5947 (ACTIVE) - Bill Text download pdf 

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

                                  5947

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              March 3, 2011
                               ___________

Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
  tee on Corporations, Authorities and Commissions

AN  ACT to amend the public authorities law, in relation to funds of the
  state

  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 2891 to read as follows:
  S 2891. DEPOSITS. NOTWITHSTANDING ANY OTHER PROVISIONS OF  THIS  CHAP-
TER,  NO  PUBLIC  AUTHORITY,  COMMISSION  OR  PUBLIC BENEFIT CORPORATION
CONTINUED OR CREATED BY THIS CHAPTER SHALL DEPOSIT ITS MONEYS IN A BANK-
ING INSTITUTION TO WHICH THE COMMUNITY REINVESTMENT ACT OF 1977,  UNITED
STATES  P.L.  95-128,  APPLIES  UNLESS  SUCH  INSTITUTION HAS RECEIVED A
RECORD OF PERFORMANCE NO LOWER THAN  SATISFACTORY  AS  DETERMINED  UNDER
SUCH ACT IN ACCORDANCE WITH SECTION TWENTY-EIGHT-B OF THE BANKING LAW.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00051-01-1

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