senate Bill S6591

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

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

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2016 referred to corporations, authorities and commissions

S6591 (ACTIVE) - Details

See Assembly Version of this Bill:
Current Committee:
Senate Corporations, Authorities And Commissions
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
2023-2024: S979, A1768

S6591 (ACTIVE) - Summary

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

S6591 (ACTIVE) - Sponsor Memo

S6591 (ACTIVE) - Bill Text download pdf

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


                            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


  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
  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.


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