|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 01, 2021||advanced to third reading|
|Feb 24, 2021||2nd report cal.|
|Feb 23, 2021||1st report cal.416|
|Feb 08, 2021||referred to corporations, authorities and commissions|
senate Bill S4611
Current Bill Status - On Floor Calendar
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4611 (ACTIVE) - Details
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §2897, Pub Auth L
S4611 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4611 SPONSOR: COMRIE TITLE OF BILL: An act to amend the public authorities law, in relation to requirements for explanatory statements regarding disposal of property PURPOSE: This bill will ensure that when land is disposed of by public authori- ties, the names of all beneficial owners of the property shall be disclosed via an explanatory statement that will be publicly available. SUMMARY OF PROVISIONS: This bill will ensure that when land is disposed of by public authori- ties, the names of all beneficial owners of the property shall be disclosed via an explanatory statement that will be publicly available.
S4611 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4611 2021-2022 Regular Sessions I N S E N A T E February 8, 2021 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to requirements for explanatory statements regarding disposal of property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph d of subdivision 6 of section 2897 of the public authorities law is amended by adding a new subparagraph (iii) to read as follows: (III) EACH SUCH STATEMENT SHALL INCLUDE THE NAMES OF ALL BENEFICIAL OWNERS OF THE ENTITY TO WHICH THE PROPERTY IS BEING TRANSFERRED. FOR THE PURPOSES OF THIS SUBPARAGRAPH, "BENEFICIAL OWNER" SHALL MEAN AN INDIVID- UAL WHO, DIRECTLY OR INDIRECTLY, THROUGH ANY CONTRACT, ARRANGEMENT, UNDERSTANDING, RELATIONSHIP OR OTHERWISE, OWNS ANY EQUITY INTEREST OF AN ENTITY, AND/OR HAS A LEVEL OF CONTROL OVER THE FUNDS OR ASSETS OF THE ENTITY THAT, AS A PRACTICAL MATTER, ENABLES THE INDIVIDUAL, DIRECTLY OR INDIRECTLY, TO CONTROL, MANAGE OR DIRECT THE ENTITY AND THE USE OF ITS FUNDS AND ASSETS OR ANY PART THEREOF. § 2. Subparagraphs (v) and (vi) of paragraph b of subdivision 7 of section 2897 of the public authorities law, as added by chapter 506 of the laws of 2009, are amended and a new subparagraph (vii) is added to read as follows: (v) the names of any private parties participating in the transfer, and if different than the statement required by subparagraph (iv) of this paragraph, a statement of the value to the private party; [and] (vi) the names of other private parties who have made an offer for such asset, the value offered, and the purpose for which the asset was sought to be used[.]; AND (VII) THE NAMES OF ALL BENEFICIAL OWNERS OF THE ENTITY TO WHICH THE PROPERTY IS BEING TRANSFERRED. FOR THE PURPOSES OF THIS SUBPARAGRAPH, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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