senate Bill S7897

2013-2014 Legislative Session

Relates to the applicability of provisions relating to liability of shareholders for wages due to laborers, servants or employees for certain foreign corporations

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Archive: Last Bill Status - In Senate 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
Jun 17, 2014 referred to rules

S7897 - Details

See Assembly Version of this Bill:
A6932
Law Section:
Business Corporation Law
Laws Affected:
Amd ยง630, BC L
Versions Introduced in 2013-2014 Legislative Session:
S5888

S7897 - Summary

Relates to the applicability of provisions relating to liability of shareholders for wages due to laborers, servants or employees for certain foreign corporations.

S7897 - Sponsor Memo

S7897 - Bill Text download pdf

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

                                  7897

                            I N  S E N A T E

                              June 17, 2014
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the business corporation law, in relation to the  appli-
  cability of provisions relating to liability of shareholders for wages
  due  to  laborers,  servants  or  employees for certain foreign corpo-
  rations

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

  Section  1.  Paragraph  (a) of section 630 of the business corporation
law, as amended by chapter 212 of the laws of 1984, is amended  to  read
as follows:
  (a) The  ten  largest shareholders, as determined by the fair value of
their beneficial interest as of the beginning of the period during which
the unpaid services referred to in this section are performed, of  every
DOMESTIC  corporation  (other  than  an investment company registered as
such under an act  of  congress  entitled  "Investment  Company  Act  of
1940"),  OR  OF  ANY  FOREIGN CORPORATION, WHEN THE UNPAID SERVICES WERE
PERFORMED IN THE STATE, no shares of which  are  listed  on  a  national
securities exchange or regularly quoted in an over-the-counter market by
one  or  more  members of a national or an affiliated securities associ-
ation, shall jointly and severally be personally liable for  all  debts,
wages  or  salaries  due  and  owing to any of its laborers, servants or
employees other than contractors, for services  performed  by  them  for
such  corporation. Before such laborer, servant or employee shall charge
such shareholder for such services, he shall give notice in  writing  to
such  shareholder that he intends to hold him liable under this section.
Such notice shall be given within one  hundred  and  eighty  days  after
termination  of  such  services, except that if, within such period, the
laborer, servant or employee demands an examination  of  the  record  of
shareholders  under  paragraph  (b)  of  section 624 (Books and records;
right of inspection, prima facie evidence), such  notice  may  be  given
within sixty days after he has been given the opportunity to examine the
record  of  shareholders.   An action to enforce such liability shall be
commenced within ninety days after the return of an  execution  unsatis-

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

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