Senate Bill S4280

2017-2018 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 Rules Committee


  • 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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2017-S4280 (ACTIVE) - Details

See Assembly Version of this Bill:
A7049
Current Committee:
Senate Rules
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
2015-2016: S2054, S6591, A4729
2019-2020: S3090, A3089
2021-2022: S5137, A4078
2023-2024: S979, A1768

2017-S4280 (ACTIVE) - Summary

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

2017-S4280 (ACTIVE) - Sponsor Memo

2017-S4280 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4280
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 8, 2017
                                ___________
 
 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

   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.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05006-01-7
              

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