Senate Bill S1937

2023-2024 Legislative Session

Relates to requirements for explanatory statements regarding disposal of property

download bill text pdf

Sponsored By

Current Bill Status - On Floor Calendar

  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

2023-S1937 (ACTIVE) - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd §2897, Pub Auth L
Versions Introduced in 2021-2022 Legislative Session:
S4611

2023-S1937 (ACTIVE) - Summary

Requires explanatory statements regarding disposal of property to include the names of all beneficial owners.

2023-S1937 (ACTIVE) - Sponsor Memo

2023-S1937 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1937
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2023
                                ___________
 
 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.
                                                            LBD03882-01-3

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.