assembly Bill A4078

2021-2022 Legislative Session

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

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Sponsored By

Current Bill Status - In Assembly Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 14, 2021 reference changed to corporations, authorities and commissions
Feb 01, 2021 referred to consumer affairs and protection

Co-Sponsors

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Multi-Sponsors

A4078 (ACTIVE) - Details

See Senate Version of this Bill:
S5137
Law Section:
Public Authorities Law
Laws Affected:
Amd §2827-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4298, S3919
2011-2012: A3228, S4690
2013-2014: A1599, S1443
2015-2016: A4729, S2054, S6591
2017-2018: A7049, S4280
2019-2020: A3089, S3090

A4078 (ACTIVE) - Summary

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

A4078 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4078
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2021
                                ___________
 
 Introduced  by  M.  of  A.  COLTON, ZEBROWSKI, ABINANTI, BRONSON, REYES,
   NORRIS -- Multi-Sponsored by -- M. of A. McDONOUGH --  read  once  and
   referred to the Committee on Consumer Affairs and Protection
 
 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.
                                                            LBD05610-01-1