assembly Bill A3460A

2017-2018 Legislative Session

Provides for expanded ownership in design professional corporations by employee stock ownership plans and non-licensed employees

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to higher education
Feb 28, 2017 print number 3460a
Feb 28, 2017 amend (t) and recommit to higher education
Jan 27, 2017 referred to higher education

A3460 - Details

See Senate Version of this Bill:
S3771
Current Committee:
Assembly Higher Education
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507 & 1514, BC L
Versions Introduced in Other Legislative Sessions:
2019-2020: A3514, S2709
2021-2022: A1891

A3460 - Summary

Relates to allowing expanded ownership in design professional corporations by employee stock ownership plans and non-licensed employees.

A3460 - Bill Text download pdf


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

                                  3460

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2017
                               ___________

Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
  tee on Higher Education

AN ACT to amend the business corporation law, in  relation  to  allowing
  expanded  ownership  in  design  professional corporations by employee
  stock ownership plans and non-licensed employees

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

  Section  1.  Paragraphs  (i)  and (ii) of subdivision (b-1) of section
1503 of the business corporation law, as added by  chapter  550  of  the
laws of 2011, are amended to read as follows:
  (i)  greater  than  seventy-five  percent of the outstanding shares of
stock of the corporation are owned by design professionals  AND  IN  THE
CASE  OF AN ESOP, GREATER THAN SEVENTY-FIVE PERCENT OF THE PLAN'S VOTING
TRUSTEES AND GREATER THAN SEVENTY-FIVE PERCENT OF THE  PLAN'S  COMMITTEE
MEMBERS ARE DESIGN PROFESSIONALS,
  (ii)  an ESOP, either in part or in its entirety, shall not constitute
part of the greater than seventy-five percent owned  by  design  profes-
sionals  UNLESS  GREATER  THAN SEVENTY-FIVE PERCENT OF THE PLAN'S VOTING
TRUSTEES AND GREATER THAN SEVENTY-FIVE PERCENT OF THE  PLAN'S  COMMITTEE
MEMBERS ARE DESIGN PROFESSIONALS,
  § 2. Paragraphs (i) and (ii) of subdivision (b) of section 1507 of the
business  corporation  law, as added by chapter 550 of the laws of 2011,
are amended to read as follows:
  (i) greater than seventy-five percent of  the  outstanding  shares  of
stock  of  the  corporation are owned by design professionals AND IN THE
CASE OF AN ESOP, GREATER THAN SEVENTY-FIVE PERCENT OF THE PLAN'S  VOTING
TRUSTEES  AND  GREATER THAN SEVENTY-FIVE PERCENT OF THE PLAN'S COMMITTEE
MEMBERS ARE DESIGN PROFESSIONALS,
  (ii) an ESOP, either in part or in its entirety, shall not  constitute
part  of  the  greater than seventy-five percent owned by design profes-
sionals UNLESS GREATER THAN SEVENTY-FIVE PERCENT OF  THE  PLAN'S  VOTING

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

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A3460A (ACTIVE) - Details

See Senate Version of this Bill:
S3771
Current Committee:
Assembly Higher Education
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507 & 1514, BC L
Versions Introduced in Other Legislative Sessions:
2019-2020: A3514, S2709
2021-2022: A1891

A3460A (ACTIVE) - Summary

Relates to allowing expanded ownership in design professional corporations by employee stock ownership plans and non-licensed employees.

A3460A (ACTIVE) - Bill Text download pdf


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

                                 3460--A

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2017
                               ___________

Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
  tee on Higher Education -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the business corporation law, in relation  to  providing
  for expanded ownership in design professional corporations by employee
  stock ownership plans and non-licensed employees

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

  Section 1. Subparagraphs (i) and (ii) of paragraph  (b-1)  of  section
1503  of  the  business  corporation law, as added by chapter 550 of the
laws of 2011, are amended to read as follows:
  (i) greater than seventy-five percent of  the  outstanding  shares  of
stock  of  the corporation are owned by design professionals AND AN ESOP
(OR ESOPS) WITH GREATER THAN SEVENTY-FIVE PERCENT OF THE  PLAN'S  VOTING
TRUSTEES  AND  GREATER THAN SEVENTY-FIVE PERCENT OF THE PLAN'S COMMITTEE
MEMBERS BEING DESIGN PROFESSIONALS,
  (ii) an ESOP, either in part or in its entirety, shall not  constitute
part  of  the  greater than seventy-five percent owned by design profes-
sionals UNLESS GREATER THAN SEVENTY-FIVE PERCENT OF  THE  PLAN'S  VOTING
TRUSTEES  AND  GREATER THAN SEVENTY-FIVE PERCENT OF THE PLAN'S COMMITTEE
MEMBERS ARE DESIGN PROFESSIONALS,
  § 2. Subparagraphs (i) and (ii) of paragraph (b) of  section  1507  of
the  business  corporation  law,  as added by chapter 550 of the laws of
2011, are amended to read as follows:
  (i) greater than seventy-five percent of  the  outstanding  shares  of
stock  of  the corporation are owned by design professionals AND AN ESOP
(OR ESOPS) WITH GREATER THAN SEVENTY-FIVE PERCENT OF THE  PLAN'S  VOTING
TRUSTEES  AND  GREATER THAN SEVENTY-FIVE PERCENT OF THE PLAN'S COMMITTEE
MEMBERS BEING DESIGN PROFESSIONALS,
  (ii) an ESOP, either in part or in its entirety, shall not  constitute
part  of  the  greater than seventy-five percent owned by design profes-

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