senate Bill S2054

2015-2016 Legislative Session

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature

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Sponsored By

Archive: Last Bill Status - Stricken


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 21, 2016 recommit, enacting clause stricken
Jan 06, 2016 referred to corporations, authorities and commissions
returned to senate
died in assembly
Mar 18, 2015 referred to corporations, authorities and commissions
delivered to assembly
passed senate
Mar 11, 2015 advanced to third reading
Mar 10, 2015 2nd report cal.
Mar 09, 2015 1st report cal.207
Jan 21, 2015 referred to corporations, authorities and commissions

Votes

view votes

Mar 9, 2015 - Corporations, Authorities and Commissions committee Vote

S2054
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Mar 9, 2015

aye wr (1)

Co-Sponsors

S2054 (ACTIVE) - Details

See Assembly Version of this Bill:
A4729
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd §2827-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3919, A4298
2011-2012: S4690, A3228
2013-2014: S1443, A1599
2017-2018: S4280, A7049
2019-2020: S3090, A3089
2021-2022: S5137, A4078

S2054 (ACTIVE) - Summary

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature.

S2054 (ACTIVE) - Sponsor Memo

S2054 (ACTIVE) - Bill Text download pdf

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

                                  2054

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 21, 2015
                               ___________

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