A3228A-2011 Actions

• Jun 15, 2012: print number 3228a
• Jun 15, 2012: amend and recommit to corporations, authorities and commissions
• Jan 4, 2012: referred to corporations, authorities and commissions
• Jan 24, 2011: referred to corporations, authorities and commissions

A3228A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 3228--A
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 24, 2011
 
 Introduced  by  M. of A. COLTON, ZEBROWSKI, JAFFEE, P. RIVERA, ABINANTI,
 BRONSON -- Multi-Sponsored by -- M. of A.  CASTELLI,  P. LOPEZ,  McDO
 NOUGH  --  read  once  and  referred to the Committee on Corporations,
 Authorities and Commissions -- recommitted to the Committee on  Corpo
 rations,  Authorities and Commissions in accordance with Assembly Rule
 3, sec. 2 -- 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]. 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.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07376-03-2

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