Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 21, 2020 |
referred to higher education delivered to assembly passed senate |
Mar 02, 2020 |
amended on third reading 2709a |
Jan 23, 2020 |
advanced to third reading |
Jan 22, 2020 |
2nd report cal. |
Jan 21, 2020 |
1st report cal.209 |
Jan 08, 2020 |
referred to corporations, authorities and commissions returned to senate died in assembly |
Mar 20, 2019 |
referred to higher education delivered to assembly passed senate |
Mar 14, 2019 |
advanced to third reading |
Mar 13, 2019 |
2nd report cal. |
Mar 12, 2019 |
1st report cal.288 |
Jan 29, 2019 |
referred to corporations, authorities and commissions |
Senate Bill S2709
2019-2020 Legislative Session
Sponsored By
(D, WF) 63rd Senate District
Archive: Last Bill Status - In Assembly 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
Actions
Votes
Bill Amendments
co-Sponsors
(R, C, IP) 54th Senate District
2019-S2709 - Details
2019-S2709 - Sponsor Memo
BILL NUMBER: S2709 SPONSOR: KENNEDY TITLE OF BILL: 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 PURPOSE: To expand ownership of design professional corporations by employee stock ownership plans (ESOP) and non- licensed professionals while still preserving the current 75% control of design professional corporations by licensed design professionals. SUMMARY OF PROVISIONS: Section 1 - Amends section 1503 of the business corporation law (which is related to the organization of design professional corporations) to permit greater ownership by ESOPs so long as greater than 75% of the
2019-S2709 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2709 2019-2020 Regular Sessions I N S E N A T E January 29, 2019 ___________ Introduced by Sen. KENNEDY -- 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 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.
co-Sponsors
(R, C, IP) 54th Senate District
2019-S2709A (ACTIVE) - Details
2019-S2709A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2709A SPONSOR: KENNEDY TITLE OF BILL: 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 PURPOSE: To expand ownership of design professional corporations by employee stock ownership plans (ESOP) and non- licensed professionals while still preserving the current 75% control of design professional corporations by licensed design professionals. SUMMARY OF PROVISIONS: Section 1 - Amends section 1503 of the business corporation law (which is related to the organization of design professional corporations) to permit greater ownership by ESOPs so long as greater than 75% of the
2019-S2709A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2709--A Cal. No. 209 2019-2020 Regular Sessions I N S E N A T E January 29, 2019 ___________ Introduced by Sens. KENNEDY, HELMING -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- recommitted to the Committee on Corpo- rations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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