Senate Bill S4476

Signed By Governor
2015-2016 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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A737 - Signed by Governor


  • 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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2015-S4476 (ACTIVE) - Details

See Assembly Version of this Bill:
A737
Law Section:
Business Corporation Law
Laws Affected:
Amd ยง630, BC L
Versions Introduced in 2013-2014 Legislative Session:
A6932

2015-S4476 (ACTIVE) - Summary

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

2015-S4476 (ACTIVE) - Sponsor Memo

2015-S4476 (ACTIVE) - Bill Text download pdf

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

                                  4476

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 23, 2015
                               ___________

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

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;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04400-01-5
              

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