senate Bill S5137

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 31, 2022 referred to corporations, authorities and commissions
delivered to assembly
passed senate
May 16, 2022 advanced to third reading
May 11, 2022 2nd report cal.
May 10, 2022 1st report cal.1187
Apr 28, 2022 print number 5137a
Apr 28, 2022 amend and recommit to corporations, authorities and commissions
Jan 05, 2022 referred to corporations, authorities and commissions
returned to senate
died in assembly
May 11, 2021 referred to consumer affairs and protection
delivered to assembly
passed senate
Apr 26, 2021 advanced to third reading
Apr 21, 2021 2nd report cal.
Apr 20, 2021 1st report cal.698
Feb 24, 2021 referred to corporations, authorities and commissions

Votes

view votes

May 10, 2022 - Corporations, Authorities and Commissions committee Vote

S5137A
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 10, 2022

Apr 20, 2021 - Corporations, Authorities and Commissions committee Vote

S5137
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Apr 20, 2021

S5137 - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2827-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3919
2011-2012: S4690
2013-2014: S1443
2015-2016: S2054, S6591
2017-2018: S4280
2019-2020: S3090

S5137 - Summary

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.

S5137 - Sponsor Memo

S5137 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5137
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 24, 2021
                                ___________
 
 Introduced  by  Sen. MATTERA -- 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 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

S5137A (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2827-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3919
2011-2012: S4690
2013-2014: S1443
2015-2016: S2054, S6591
2017-2018: S4280
2019-2020: S3090

S5137A (ACTIVE) - Summary

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.

S5137A (ACTIVE) - Sponsor Memo

S5137A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5137--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 24, 2021
                                ___________
 
 Introduced  by  Sen. MATTERA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and  Commissions  --  recommitted  to  the  Committee on Corporations,
   Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee
 
 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]  WITHOUT  THE  LEGISLATURE ENACTING A LAW GRANTING SUCH STATE
 AUTHORITY SUCH POWER IF SUCH  AUTHORITY  PROVIDES  WRITTEN  NOTIFICATION
 OF  ITS  INTENTION  TO  ORGANIZE  SUCH SUBSIDIARY CORPORATION SIXTY DAYS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05610-03-2

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