Assembly Actions -
Senate Actions - UPPERCASE
|Jan 29, 2016||
referred to corporations, authorities and commissions
Senate Bill S6591
2015-2016 Legislative Session
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2015-S6591 (ACTIVE) - Details
2015-S6591 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6591 TITLE OF BILL : An act to amend the public authorities law, in relation to prohibiting the formation of a subsidiary of a public authority without prior permission of the legislature PURPOSE OR GENERAL IDEA OF BILL : This bill seeks to prohibit the formation of a subsidiary of a public authority or public benefit corporation without prior permission of the legislature. SUMMARY OF SPECIFIC PROVISIONS : This bill would amend section 2827-a of the Public Authorities Law, to eliminate the exception to the general prohibition against public authorities establishing any new subsidiary corporation without prior statutory authority. JUSTIFICATION : Public Authorities, the hybrid of a government agency and a private corporation, were established to perform specific, focused missions on behalf of the people of the state of New York. As finance, contracting
2015-S6591 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6591 I N S E N A T E January 29, 2016 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Author- ities and Commissions AN ACT to amend the public authorities law, in relation to prohibiting the formation of a subsidiary of a public authority without prior permission of the legislature THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 2827-a of the public authorities law, as added by chapter 506 of the laws of 2009, is amended to read as follows: 1. Notwithstanding any law to the contrary, no state authority shall hereafter have the power to organize any subsidiary corporation unless the legislature shall have enacted a law granting such state authority such power for the organization of a specific corporation[, provided, however, that a state authority may organize a subsidiary corporation pursuant to the following requirements: a. the purpose for which the subsidiary corporation shall be organized shall be for a project or projects which the state authority has the power to pursue pursuant to its corporate purposes; b. the primary reason for which the subsidiary corporation shall be organized shall be to limit the potential liability impact of the subsidiary's project or projects on the authority or because state or federal law requires that the purpose of a subsidiary be undertaken through a specific corporate structure; and c. the]. ANY subsidiary corporation shall make the reports and other disclosures as are required of state authorities, unless the subsidiary corporation's operations and finances are consolidated with those of the authority of which it is a subsidiary. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05205-01-5
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