Senate Bill S2987

Signed By Governor
2011-2012 Legislative Session

Authorizes a new type of professional service corporation to be known as a professional service corporation

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Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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-S2987 (ACTIVE) - Details

See Assembly Version of this Bill:
A4581
Law Section:
Business Corporation Law
Laws Affected:
Amd BC L, generally; amd §§7209, 7210, 7307 & 7327, Ed L
Versions Introduced in 2009-2010 Legislative Session:
S3226, A6787

2011-S2987 (ACTIVE) - 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.

2011-S2987 (ACTIVE) - Sponsor Memo

2011-S2987 (ACTIVE) - 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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