senate Bill S5261B

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

Current Bill Status - 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 (30)
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 02, 2022 referred to higher education
returned to assembly
repassed senate
Apr 26, 2022 amended on third reading 5261b
Apr 26, 2022 vote reconsidered - restored to third reading
Apr 25, 2022 returned to senate
recalled from assembly
Feb 14, 2022 referred to higher education
delivered to assembly
passed senate
Jan 31, 2022 advanced to third reading
Jan 26, 2022 2nd report cal.
amended 5261a
Jan 25, 2022 1st report cal.331
Jan 05, 2022 referred to corporations, authorities and commissions
returned to senate
died in assembly
Jun 01, 2021 referred to higher education
delivered to assembly
passed senate
May 10, 2021 advanced to third reading
May 05, 2021 2nd report cal.
May 04, 2021 1st report cal.893
Mar 01, 2021 referred to corporations, authorities and commissions

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

S5261 - Details

See Assembly Version of this Bill:
A1891
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

S5261 - Summary

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

S5261 - Sponsor Memo

S5261 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5261
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2021
                                ___________
 
 Introduced  by Sens. KENNEDY, HELMING -- 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 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,
   (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

S5261A - Details

See Assembly Version of this Bill:
A1891
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

S5261A - Summary

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

S5261A - Sponsor Memo

S5261A - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5261--A
     Cal. No. 331
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2021
                                ___________
 
 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
   report,  amended  on  first  report,  ordered  to  a second report and
   ordered reprinted, retaining its place in the order of second report
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

S5261B (ACTIVE) - Details

See Assembly Version of this Bill:
A1891
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

S5261B (ACTIVE) - Summary

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

S5261B (ACTIVE) - Sponsor Memo

S5261B (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5261--B
     Cal. No. 331
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2021
                                ___________
 
 Introduced by Sens. KENNEDY, GALLIVAN, HELMING -- read twice and ordered
   printed,  and  when printed to be committed to the Committee on Corpo-
   rations, Authorities and Commissions -- recommitted to  the  Committee
   on Corporations, Authorities and Commissions in accordance with Senate
   Rule  6,  sec. 8 -- reported favorably from said committee, ordered to
   first report, amended on first report, ordered to a second report  and
   ordered  reprinted,  retaining its place in the order of second report
   -- ordered to second report, ordered to a  third  reading,  passed  by
   Senate  and  delivered  to  the Assembly, recalled, vote reconsidered,
   restored to 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 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.
                                                            LBD02875-11-2
 S. 5261--B                          2

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