assembly Bill A1891D

Signed By Governor
2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S5261 - Signed by Governor


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

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Actions

view actions (19)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 21, 2022 signed chap.439
Jul 11, 2022 delivered to governor
May 03, 2022 returned to senate
passed assembly
ordered to third reading cal.524
substituted for a1891d
May 03, 2022 substituted by s5261b
Apr 28, 2022 advanced to third reading cal.524
Apr 26, 2022 reported
Apr 18, 2022 print number 1891d
Apr 18, 2022 amend and recommit to higher education
Apr 06, 2022 print number 1891c
Apr 06, 2022 amend and recommit to higher education
Jan 26, 2022 print number 1891b
Jan 26, 2022 amend and recommit to higher education
Jan 05, 2022 referred to higher education
Mar 08, 2021 print number 1891a
Mar 08, 2021 amend and recommit to higher education
Jan 11, 2021 referred to higher education

Votes

view votes

Jan 25, 2022 - Corporations, Authorities and Commissions committee Vote

S5261
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jan 25, 2022

May 4, 2021 - Corporations, Authorities and Commissions committee Vote

S5261
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 4, 2021

Co-Sponsors

Multi-Sponsors

A1891 - Details

See Senate Version of this Bill:
S5261
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507, 1514 & 1505, BC L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3460
2019-2020: A3514

A1891 - Summary

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

A1891 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1891
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced  by  M.  of A. LUPARDO, THIELE, SANTABARBARA, STECK -- Multi-
   Sponsored by -- M.  of  A.  McDONOUGH,  B. MILLER  --  read  once  and
   referred to the Committee on Higher Education
 
 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

Multi-Sponsors

A1891A - Details

See Senate Version of this Bill:
S5261
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507, 1514 & 1505, BC L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3460
2019-2020: A3514

A1891A - Summary

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

A1891A - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1891--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced  by  M.  of A. LUPARDO, THIELE, SANTABARBARA, STECK -- Multi-
   Sponsored by -- M.  of  A.  McDONOUGH,  B. MILLER  --  read  once  and
   referred to the Committee 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  OR  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  OR  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  OR  GREATER  THAN SEVENTY-FIVE PERCENT OF THE PLAN'S COMMITTEE
 MEMBERS BEING DESIGN PROFESSIONALS,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

Multi-Sponsors

A1891B - Details

See Senate Version of this Bill:
S5261
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507, 1514 & 1505, BC L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3460
2019-2020: A3514

A1891B - Summary

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

A1891B - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1891--B
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced by M. of A. LUPARDO, THIELE, SANTABARBARA, STECK, FAHY, WOER-
   NER  -- Multi-Sponsored by -- M. of A. LAWLER, McDONOUGH, B. MILLER --
   read once and referred to the Committee on Higher Education -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted  to  said  committee  -- recommitted to the Committee on Higher
   Education in accordance with Assembly Rule  3,  sec.  2  --  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 OR 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 OR 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02875-04-2

Co-Sponsors

Multi-Sponsors

A1891C - Details

See Senate Version of this Bill:
S5261
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507, 1514 & 1505, BC L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3460
2019-2020: A3514

A1891C - Summary

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

A1891C - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1891--C
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced by M. of A. LUPARDO, THIELE, SANTABARBARA, STECK, FAHY, WOER-
   NER  -- Multi-Sponsored by -- M. of A. LAWLER, McDONOUGH, B. MILLER --
   read once and referred to the Committee on Higher Education -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted  to  said  committee  -- recommitted to the Committee on Higher
   Education in accordance with Assembly Rule  3,  sec.  2  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  -- again reported from said committee with amend-
   ments, 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  OR  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  OR  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:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02875-06-2
 A. 1891--C                          2

Co-Sponsors

Multi-Sponsors

A1891D (ACTIVE) - Details

See Senate Version of this Bill:
S5261
Law Section:
Business Corporation Law
Laws Affected:
Amd §§1503, 1507, 1514 & 1505, BC L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3460
2019-2020: A3514

A1891D (ACTIVE) - Summary

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

A1891D (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1891--D
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced by M. of A. LUPARDO, THIELE, SANTABARBARA, STECK, FAHY, WOER-
   NER  -- Multi-Sponsored by -- M. of A. LAWLER, McDONOUGH, B. MILLER --
   read once and referred to the Committee on Higher Education -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted  to  said  committee  -- recommitted to the Committee on Higher
   Education in accordance with Assembly Rule  3,  sec.  2  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  -- again reported from said committee with amend-
   ments, ordered reprinted as amended and recommitted to said  committee
   -- recommitted to the Committee on Higher Education in accordance with
   Assembly Rule 3, sec. 2 -- 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 OR 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 OR GREATER THAN SEVENTY-FIVE PERCENT OF  THE  PLAN'S  COMMITTEE
 MEMBERS ARE DESIGN PROFESSIONALS,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02875-10-2
 A. 1891--D                          2