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Assembly Bill A9573

2011-2012 Legislative Session

Prohibits the ownership of electric corporations by any foreign based person, corporation or entity

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Archive: Last Bill Status - In Assembly Committee

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2011-A9573 (ACTIVE) - Details

See Senate Version of this Bill:
S5304
Current Committee:
Assembly Energy
Law Section:
Public Service Law
Laws Affected:
Amd ยง68, Pub Serv L
Versions Introduced in 2013-2014 Legislative Session:
S2572

2011-A9573 (ACTIVE) - Summary

Prohibits the ownership of electric corporations by any foreign based person, corporation or entity.

2011-A9573 (ACTIVE) - Bill Text download pdf 

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

                                  9573

                          I N  A S S E M B L Y

                             March 16, 2012
                               ___________

Introduced  by M. of A. LATIMER -- read once and referred to the Commit-
  tee on Energy

AN ACT to amend the public service law, in relation to  prohibiting  the
  ownership  of  an  electric  corporation  by any foreign based person,
  corporation or entity

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

  Section  1.  The opening paragraph of section 68 of the public service
law is designated subdivision 1 and a new subdivision 2 is added to read
as follows:
  2. (A) THE COMMISSION SHALL NOT GRANT ITS PERMISSION OR APPROVAL,  FOR
THE GENERATION AND DISTRIBUTION OF ELECTRICITY TO RESIDENTIAL CUSTOMERS,
TO  ANY ELECTRIC CORPORATION THAT IS A FOREIGN BASED PERSON, CORPORATION
OR ENTITY, OR THE MAJORITY OF WHICH IS OWNED BY FOREIGN  BASED  PERSONS,
CORPORATIONS AND/OR ENTITIES. IN THE EVENT THAT AN ELECTRIC CORPORATION,
HOLDING  A  FRANCHISE ISSUED PURSUANT TO THIS ARTICLE, BECOMES A FOREIGN
BASED PERSON, CORPORATION  OR  ENTITY,  OR  BECOMES  MAJORITY  OWNED  BY
FOREIGN  BASED  PERSONS,  CORPORATIONS  AND/OR  ENTITIES, SUCH FRANCHISE
SHALL IMMEDIATELY BE REVOKED BY THE COMMISSIONER.
  (B) FOR THE PURPOSES  OF  THIS  SUBDIVISION,  "FOREIGN  BASED  PERSON,
CORPORATION OR ENTITY" SHALL MEAN:
  (1) ANY NATURAL PERSON WHO IS NOT A CITIZEN OF THE UNITED STATES; OR
  (2) ANY CORPORATION OR ENTITY THAT:
  (I) IS NOT HEADQUARTERED IN THE UNITED STATES,
  (II)  IS  NOT  CHARTERED  BY  THE UNITED STATES OR BY ANY STATE IN THE
UNITED STATES, OR
  (III) HAS MORE THAN FIFTY PERCENT OF ITS OWNERSHIP INTERESTS OWNED  OR
HELD BY:
  (A) A PERSON OR PERSONS WHO ARE NOT CITIZENS OF THE UNITED STATES, OR
  (B) CORPORATIONS AND/OR ENTITIES THAT ARE:
  (I) NOT HEADQUARTERED IN THE UNITED STATES, OR
  (II)  NOT  CHARTERED  BY  THE UNITED STATES OR ANY STATE IN THE UNITED
STATES.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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