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

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Archive: Last Bill Status Via S5261 - Signed by Governor

  • 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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Bill Amendments

co-Sponsors

multi-Sponsors

2021-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

2021-A1891 - Summary

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

2021-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

2021-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

2021-A1891A - Summary

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

2021-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

2021-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

2021-A1891B - Summary

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

2021-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

2021-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

2021-A1891C - Summary

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

2021-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

2021-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

2021-A1891D (ACTIVE) - Summary

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

2021-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

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