senate Bill S1750

2013-2014 Legislative Session

Creates the seed-NY investment fund

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to corporations, authorities and commissions
Jan 09, 2013 referred to corporations, authorities and commissions

S1750 - Details

Current Committee:
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §46, UDC Act; add §3154-a, Pub Auth L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1864
2009-2010: S6887

S1750 - Summary

Creates the seed-NY investment fund; authorizes the transfer of all assets and liabilities of the small business technology investment fund for the Seed-NY investment fund.

S1750 - Sponsor Memo

S1750 - Bill Text download pdf

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

                                  1750

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sen. ESPAILLAT -- 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 and
  the public authorities  law,  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, 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.
                                                           LBD02618-01-3

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