Senate Bill S4483

2011-2012 Legislative Session

Creates the seed-NY investment fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

  • 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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Bill Amendments

2011-S4483 - Details

See Assembly Version of this Bill:
A6167
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §45,UDC Act

2011-S4483 - Summary

Creates the seed-NY investment fund to encourage and facilitate the creation or expansion of regional investment funds for research colleges, high-technology development and local development organizations.

2011-S4483 - Sponsor Memo

2011-S4483 - Bill Text download pdf 

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

                                  4483

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              April 6, 2011
                               ___________

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

AN ACT to amend the New York state urban development corporation act, in
  relation to creating the seed-NY investment fund

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

  Section 1. Chapter 174 of the laws of 1968 constituting the  New  York
state  urban  development  corporation  act,  is amended by adding a new
section 45 to read as follows:
  S 45.  THE SEED-NY INVESTMENT FUND. 1. DEFINITIONS. FOR  THE  PURPOSES
OF  THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING
MEANINGS UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT  MEANING
OR INTENT:
  (A)  "REGIONAL  INVESTMENT  FUND"  SHALL  MEAN  A LIMITED PARTNERSHIP,
LIMITED  LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR   A
NOT-FOR-PROFIT  FUND  UNDER  EXPERIENCED PROFESSIONAL MANAGEMENT THAT IS
FAMILIAR WITH SEED CAPITAL INVESTMENT,  APPROPRIATE  BUSINESS  PRACTICES
AND  TECHNOLOGY-ORIENTED  PRODUCTS  AND  SERVICES,  AND  FORMED  FOR THE
PURPOSE OF PROVIDING PRIVATE EQUITY  TO  TECHNOLOGY-BASED  COMPANIES  IN
THEIR  FORMATIVE  STAGES, ENCOMPASSES AT LEAST TWO COUNTIES, AND INVESTS
IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN:
  (I) A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS  PRIN-
CIPAL  PLACE  OF BUSINESS IN NEW YORK STATE, AND THAT IS, OR PROPOSES TO
BE, ENGAGED IN THIS STATE IN RESEARCH AND DEVELOPMENT OR HIGH TECHNOLOGY
MANUFACTURING, AND  THAT  DEMONSTRATES  THE  POTENTIAL  FOR  SUBSTANTIAL
GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD AS DEFINED IN
SECTION  THIRTY-ONE  HUNDRED  TWO-E  OF THE PUBLIC AUTHORITIES LAW OR AS
ADOPTED BY THE CORPORATION; AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09996-05-1

co-Sponsors

2011-S4483A (ACTIVE) - Details

See Assembly Version of this Bill:
A6167
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §45,UDC Act

2011-S4483A (ACTIVE) - Summary

Creates the seed-NY investment fund to encourage and facilitate the creation or expansion of regional investment funds for research colleges, high-technology development and local development organizations.

2011-S4483A (ACTIVE) - Sponsor Memo

2011-S4483A (ACTIVE) - Bill Text download pdf 

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

                                 4483--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              April 6, 2011
                               ___________

Introduced  by  Sen.  ALESI  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions  --  recommitted  to  the  Committee on Corporations,
  Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the New York state urban development corporation act, in
  relation to creating the seed-NY investment fund

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

  Section  1.  Section 1 of chapter 174 of the laws of 1968 constituting
the New York state urban development  corporation  act,  is  amended  by
adding a new section 46 to read as follows:
  S  46.   THE SEED-NY INVESTMENT FUND. 1. DEFINITIONS. FOR THE PURPOSES
OF THIS SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE  FOLLOWING
MEANINGS  UNLESS THE CONTEXT SHALL INDICATE ANOTHER OR DIFFERENT MEANING
OR INTENT:
  (A) "REGIONAL INVESTMENT  FUND"  SHALL  MEAN  A  LIMITED  PARTNERSHIP,
LIMITED   LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR  A
NOT-FOR-PROFIT FUND UNDER EXPERIENCED PROFESSIONAL  MANAGEMENT  THAT  IS
FAMILIAR  WITH  SEED  CAPITAL INVESTMENT, APPROPRIATE BUSINESS PRACTICES
AND TECHNOLOGY-ORIENTED  PRODUCTS  AND  SERVICES,  AND  FORMED  FOR  THE
PURPOSE  OF  PROVIDING  PRIVATE  EQUITY TO TECHNOLOGY-BASED COMPANIES IN
THEIR FORMATIVE STAGES, ENCOMPASSES AT LEAST TWO COUNTIES,  AND  INVESTS
IN QUALIFIED ENTERPRISES LOCATED WITHIN NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN:
  (I)  A COMPANY OR A PROPOSED COMPANY THAT HAS OR WILL LOCATE ITS PRIN-
CIPAL PLACE OF BUSINESS IN NEW YORK STATE, AND THAT IS, OR  PROPOSES  TO
BE, ENGAGED IN THIS STATE IN RESEARCH AND DEVELOPMENT OR HIGH TECHNOLOGY
MANUFACTURING,  AND  THAT  DEMONSTRATES  THE  POTENTIAL  FOR SUBSTANTIAL
GROWTH AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD AS DEFINED IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09996-09-2

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