1. The Laws of New York
  2. Consolidated Laws
  3. Business Corporation
  4. Article 15: Professional Service Corporations


Section 1514 Triennial statement

Business Corporation (BSC)

  (a) Each professional service corporation shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the name and residence address of each shareholder, director and officer of such corporation and certifying that all such individuals are authorized by law in this state to practice a profession which such corporation is authorized to practice. The statement shall be signed by the president or any vice-president of the corporation and attested to by the secretary or any assistant secretary of the corporation.

  (b) Each design professional service corporation shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the names and residence addresses of each shareholder, director and officer of such corporation and certify as the date of certification and at all times over the entire three year period that:

  (i) greater than seventy-five percent of the outstanding shares of stock of the corporation are and were owned by design professionals,

  (ii) greater than seventy-five percent of the directors are and were design professionals,

  (iii) greater than seventy-five percent of the officers are and were design professionals,

  (iv) the president, the chairperson of the board of directors and the chief executive officer or officers are and were design professionals, and

  (v) the single largest shareholder is and was either a design professional or an ESOP with greater than seventy-five percent of the plan's voting trustees being design professionals and greater than seventy-five percent of the plan's committee members being design professionals.

  The statement shall be signed by the president or any design professional vice-president and attested to by the secretary or any assistant secretary of the corporation.