Assembly Bill A7223

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7223
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 21, 2025
                                ___________
 
 Introduced  by  M.  of A. BICHOTTE HERMELYN -- read once and referred 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,
 "BENEFICIAL OWNER" SHALL MEAN AN INDIVIDUAL WHO, DIRECTLY OR INDIRECTLY,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05205-01-5
              

 A. 7223                             2
 
 THROUGH ANY CONTRACT, ARRANGEMENT, UNDERSTANDING, RELATIONSHIP OR OTHER-
 WISE,  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.
   §  3.  This  act  shall  take  effect  immediately  and shall apply to
 disposals and contracts for disposal of property  occurring  or  entered
 into on or after such date.