Assembly Actions -
Senate Actions - UPPERCASE
|May 23, 2023||
reported referred to ways and means
|Jan 20, 2023||
referred to corporations, authorities and commissions
Assembly Bill A1768
2023-2024 Legislative Session
Current Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
Harry B. Bronson
Michael J. Norris
2023-A1768 (ACTIVE) - Details
2023-A1768 (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.
2023-A1768 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1768 2023-2024 Regular Sessions I N A S S E M B L Y January 20, 2023 ___________ Introduced by M. of A. COLTON, ZEBROWSKI, BRONSON, REYES, NORRIS, DINOW- ITZ, DICKENS, MAGNARELLI, ZINERMAN, SAYEGH, STIRPE, L. ROSENTHAL -- Multi-Sponsored by -- M. of A. McDONOUGH -- read once and referred 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] 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 PRIOR TO SUCH ORGANIZATION. SUCH WRITTEN NOTICE SHALL BE PROVIDED TO THE GOVERNOR, THE SPEAKER OF THE ASSEMBLY, AND THE TEMPORARY PRESIDENT OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03999-01-3
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