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 |
Archive: Last Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Bill Amendments
A3460 - Details
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
Brian D. Miller
Clifford Crouch
Robin Schimminger
Fred Thiele
Multi-Sponsors
David McDonough
A3460A (ACTIVE) - Details
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.